Datacentres.com Research
Q2 2026 Global Data Centre Market Report
June 2026 - Quarterly Intelligence Briefing
50 markets - 1,138 facilities - 59 transactions
50
Markets Tracked
24.6 GW
Total Capacity
25.2 GW
Pipeline
$305B+
Deal Volume
Executive Summary
US colocation inventory reached 29.0 GW in Q1 2026, a 48% year-over-year increase from 19.5 GW in Q1 2025 (DatacenterHawk). Net absorption hit a record 5,296 MW in Q1 alone, led by Austin (1,909 MW), Dallas-Fort Worth (912 MW), and Atlanta (683 MW). National vacancy fell to 1.2%, a historic low.
Hyperscaler capex commitments for 2026 now total $600-725 billion across Amazon ($200B), Google ($175-185B), Meta ($115-135B), Microsoft ($120B+), and Oracle ($50B). M&A hit $69 billion in the trailing twelve months ending Q1 2026 (S&P Global). The $40 billion Aligned Data Centers acquisition remains the largest deal in the sector.
Austin posted the strongest growth of any US market, with total commissioned power surging 294% quarter-over-quarter from 649 MW to 2,558 MW. Wholesale pricing continued climbing, with rates reaching $145-200/kW/month. Powered shell cap rates rose to 5.3%, while turnkey assets held at 6.3%.
On the supply side, capacity under construction recorded a 17% decline from Q4 2025, falling from 1.34 GW to 1.11 GW. Combined with $156 billion in projects blocked or delayed in 2025 and moratoriums active in 14+ states, the supply-demand imbalance is tightening further.
Top 15 Markets by Capacity
| Market | MW | Risk |
|---|---|---|
| Northern Virginia | 4,200 | 8/10 |
| Dallas-Fort Worth | 1,800 | 3/10 |
| London | 1,400 | 7/10 |
| Phoenix | 1,200 | 5/10 |
| New York / New Jersey | 1,100 | 8/10 |
| Frankfurt | 1,100 | 5/10 |
| Tokyo | 950 | 5/10 |
| Dublin | 920 | 8/10 |
| Silicon Valley | 900 | 9/10 |
| Singapore | 850 | 6/10 |
| Chicago | 750 | 4/10 |
| Sydney | 680 | 4/10 |
| Atlanta | 620 | 3/10 |
| Amsterdam | 600 | 7/10 |
| Portland / Hillsboro | 580 | 6/10 |
Largest Transactions
| Deal | Value |
|---|---|
| US data centre PE investment hits $45.7B - 5-year high | $45.7B |
| Aligned $40B acquisition - largest DC deal ever | $40.0B |
| Aligned $40B - full consortium: Microsoft, xAI, NVIDIA, MGX | $40.0B |
| Meta $27B AI data centre campus - Louisiana | $27.0B |
| AWS $25B Mississippi data centres | $25.0B |
| PowerHouse Joliet Technology Center - 1.8GW campus | $20.0B |
| Microsoft $13B Wisconsin campus - former Foxconn site | $13.0B |
| Meta $10B Indiana campus - 1,000 MW | $10.0B |
| DayOne Data Centers MYR 28B Malaysia commitment | $7.0B |
| Brookfield acquires Global Switch | $5.4B |
Key Trends
$660B+
Hyperscaler Capex Surge
Combined 2026 capex: Amazon $200B, Google $175-185B, Meta $115-135B, Microsoft $120B+, Oracle $50B. 75% targets AI infrastructure.
1.2%
Record-Low Vacancy
US colocation vacancy fell to 1.2% in Q1 2026. Austin: 0.14%, Salt Lake City: 0.18%, San Antonio: 0.20%, Portland: 0.25%, NoVA: 0.33%.
5.3 GW
Record Absorption
Q1 2026 net absorption: 5,296 MW. Austin led (1,909 MW), followed by DFW (912 MW), Atlanta (683 MW), Chicago (538 MW), NoVA (480 MW).
+294%
Austin Breakout
Austin commissioned power surged from 649 MW to 2,558 MW in Q1. SB Energy, Rowan Digital, and Skybox absorbed 90% of capacity.
57.9 GW
Gas Power Expansion
Texas leads with 57.9 GW of planned gas capacity for data centres. Louisiana: 12.2 GW. Pennsylvania: 8.8 GW. FTAI converting jet engines to 25 MW turbines.
$145-200
Wholesale Pricing
Wholesale rates: $145-200/kW/month range in Q1 2026. Retail: $150-350/kW. Both low and high ends are increasing.
10+ GW
Nuclear Power Deals
Microsoft TMI restart (835 MW), Amazon/Talen (1,920 MW), Google/Kairos (SMR), Meta/Oklo (1.2 GW campus). 10+ GW signed in past year.
50%+
AI Inference Shift
Inference is overtaking training as the primary AI workload (50%+ of AI compute). Neoclouds (CoreWeave, Lambda, Crusoe) drive demand for GPU-as-a-Service.
Q1 2026 US Market Snapshot
| Market | Inventory (MW) |
|---|---|
| Northern Virginia | 6,485 |
| Dallas-Fort Worth | 3,704 |
| Atlanta | 3,257 |
| Phoenix | 2,641 |
| Austin | 2,558 |
| Chicago | ~1,500 |
| Columbus | ~800 |
| Northern California | ~750 |
| Reno | ~600 |
| Richmond | ~500 |
| Portland | ~450 |
| Salt Lake City | ~400 |
Source: DatacenterHawk, Q1 2026. Includes US primary and secondary markets.
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