Datacentres.com Research

Q2 2026 Global Data Centre Market Report

May 2026 - Quarterly Intelligence Briefing

50 markets - 1,138 facilities - 59 transactions

Markets Tracked

24.6 GW

Total Capacity

25.2 GW

Pipeline

$305B+

Deal Volume

Executive Summary

The global data centre market continues to experience unprecedented demand driven by AI workloads, cloud adoption, and digital transformation. Annual construction spending reached $121 billion through March 2026 (JLL), a 600% increase in monthly starts over two years. The four largest hyperscalers have collectively committed over $280 billion in capex for 2026-2027.

M&A activity set a new record in 2025 with 113 transactions totaling $69 billion (S&P Global). The $40 billion Aligned Data Centers acquisition by Microsoft, NVIDIA, xAI, and BlackRock signals that AI companies are now directly investing in physical infrastructure.

However, $156 billion in projects were blocked, delayed, or cancelled in 2025. Community consent is now the #2 site selection variable (JLL 2026 Outlook). Power grid constraints remain the primary bottleneck with transformer lead times at 36 months.

Top 15 Markets by Capacity

Market	MW	Vacancy	$/kWh	Pipeline	Risk
Northern Virginia	4,200	2.1%	$0.065	3,100	8/10
Dallas-Fort Worth	1,800	4.2%	$0.058	2,200	3/10
London	1,400	3%	$0.145	800	7/10
Phoenix	1,200	3.8%	$0.062	2,800	5/10
New York / New Jersey	1,100	3.2%	$0.098	600	8/10
Frankfurt	1,100	4.5%	$0.155	700	5/10
Tokyo	950	3.8%	$0.135	500	5/10
Dublin	920	3.5%	$0.125	480	8/10
Silicon Valley	900	1.5%	$0.115	450	9/10
Singapore	850	2.5%	$0.128	400	6/10
Chicago	750	5.1%	$0.072	800	4/10
Sydney	680	4.5%	$0.098	550	4/10
Atlanta	620	4.8%	$0.068	900	3/10
Amsterdam	600	5.2%	$0.118	350	7/10
Portland / Hillsboro	580	6.2%	$0.048	700	6/10

Largest Transactions

Deal	Value	MW	Type
US data centre PE investment hits $45.7B - 5-year high	$45.7B	-	acquisition
Aligned $40B acquisition - largest DC deal ever	$40.0B	2,000	acquisition
Aligned $40B - full consortium: Microsoft, xAI, NVIDIA, MGX	$40.0B	2,000	acquisition
Meta $27B AI data centre campus - Louisiana	$27.0B	1,500	development
AWS $25B Mississippi data centres	$25.0B	800	development
PowerHouse Joliet Technology Center - 1.8GW campus	$20.0B	1,800	development
Microsoft $13B Wisconsin campus - former Foxconn site	$13.0B	500	development
Meta $10B Indiana campus - 1,000 MW	$10.0B	1,000	development
DayOne Data Centers MYR 28B Malaysia commitment	$7.0B	300	development
Brookfield acquires Global Switch	$5.4B	340	acquisition

Key Trends

$280B

AI Infrastructure Spending

Combined hyperscaler capex for 2026-2027. Microsoft $80B, Google $68B, Amazon $65B, Meta $50B.

36 mo

Power Grid Constraints

Transformer lead times. PJM queue at 95 GW. 30-50% of pipeline may not materialize.

$156B

Regulatory Disruption

Projects blocked/delayed/cancelled in 2025. 188 opposition groups across 40 states.

$4.75B

Liquid Cooling Validation

Ecolab/CoolIT acquisition. Market tripled to $4.2B. Projected $32B by 2028.

+34%

Geographic Diversification

Nordic pipeline growth. Texas, Mississippi, Indiana, Wisconsin attracting mega-investments.

What Brings You Here?

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Investors & Private Equity

Evaluate data centre investment opportunities

Access market valuations, deal flow analysis, and portfolio benchmarking across 50 global markets.

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Landowners & Property Owners

Assess your property for data centre development

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Tenants & Enterprises

Find the right data centre for your workloads

Compare markets, evaluate providers, and calculate costs with our interactive tools and advisory team.

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Developers & General Contractors

Connect with data centre development partners

Explore construction trends, support services, and partnership opportunities in the $121B annual market.

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Operators & Colocation Providers

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Methodology: Market data from CBRE, JLL, Cushman & Wakefield. Deals from S&P Global, DCD, and press releases. Regulatory risk from community opposition data and permitting timelines.

Disclaimer: For informational purposes only. Professional due diligence recommended.