Global Data Centre M&A Hits $69B Record in 2025
113 transactions totaling $69 billion set a new annual record, with power availability increasingly driving valuations.
According to S&P Global Market Intelligence data, 113 data centre transactions were completed globally in 2025 representing more than $69 billion in total deal value - approximately $8 billion higher than the previous annual record. The data centre M&A market has firmly established itself as the most active segment of commercial real estate investment.
Power availability emerged as the dominant factor influencing deal pricing, with facilities demonstrating reliable grid connections and expansion capacity commanding significant valuation premiums. Joint ventures between customers, operators, and infrastructure investors became increasingly common as a mechanism to share risk and deliver capacity at scale.
Colocation developers played a growing role as hyperscalers increasingly favoured leasing over ownership, creating opportunities for specialised platform operators. The trend toward larger, more complex transactions is expected to continue in 2026, with several multi-billion-dollar deals already in advanced stages.
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