Jim Cramer has a list, and he wants you to see it. The CNBC host took to X on Nov. 5 to share a document tracking data center locations tied to CoreWeave Inc. (CRWV), IREN Ltd. (IREN) and Nebius Holdings NV (NBIS) — sites he says he is "concerned about" when it comes to their ongoing permit and expansion statuses following the midterm elections.

His post was blunt: "these are what i am concerned about," paired with an image tracking the development phases of these infrastructure sites.

The Fine Print on 'Operating'

The document leans heavily on operations in Texas and Ohio, and it carries a warning that cuts to the heart of the AI infrastructure boom: "Operating does not mean all expansion permits are secured." That is the kind of sentence that makes you reread it twice. A data center can be humming along, servers blazing, and still be one local zoning board away from stalling its next phase.

The review bases its findings on company and landlord disclosures, SEC filings and local environmental department records.

IREN's Texas Tangle

For IREN, the document tracks eight named campuses, including operating and future buildouts in Childress and Sweetwater, Texas, plus sites in British Columbia and Spain. One line stands out: "Sweetwater's ERCOT status is conditional." ERCOT, for the uninitiated, is the grid operator that keeps Texas lights on, and conditional status is not the same as a done deal.

The review also notes that "Texas represents 49% of IREN's announced named-site gross power." Nearly half the company's announced power footprint sits in one state with a conditional grid status at one of its key sites. That is a concentration worth watching.

CoreWeave's Permit Pileup

CoreWeave gets a similar treatment. The review lists facilities across Texas, Ohio and New Jersey, while noting that the "Full 51-facility roster is not public." So there is a limit to what anyone outside the company can see.

Still, the document flags specific issues: "Lancaster has pending/unsubmitted permits" and "Niagara Falls has outstanding local permits." It also clarifies that there is "No verified match between CoreWeave sites and newly approved Ohio local bans" — a useful bit of nuance in a world where headlines about local bans can travel faster than the facts.

Nebius and the Compliance Gaps

Nebius's locations span Pennsylvania, Missouri, Finland and Israel. The document states that "Highridge has permit gaps" and the "Vineland landlord faces generator-permit enforcement." It also notes that a "Moore's county agreement is not finally approved."

But the review is careful not to overstate its case, closing with the line: "Unknown permits do not mean missing permits." That is a fair caveat. Absence of evidence is not evidence of absence, especially when the full facility roster is not public.

How Have These Stocks Performed?

The market has not been kind to this trio lately. Here is the scorecard:

IREN has been the hardest hit, down 55.46% in the past month and 76.40% over the past year. CoreWeave is off 50.04% in a month and 61.84% over a year. Nebius, despite a rough month at -48.24%, is still up 43.80% year to date and 2.88% over the past year — a reminder that even in a selloff, not every chart tells the same story.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.