Datacenter Operators Hub

This hub provides comprehensive analysis of the major datacenter operators driving the unprecedented AI infrastructure buildout across the United States. These operators represent diverse business models, ownership structures, and strategic approaches to serving hyperscale cloud providers, AI companies, and enterprise customers.

Overview

The datacenter operator landscape has undergone dramatic transformation since 2020, driven by explosive demand for AI/ML infrastructure, hyperscale cloud expansion, and the emergence of GPU-intensive workloads requiring unprecedented power densities. Operators now compete to secure multi-gigawatt power allocations, deploy liquid cooling systems supporting 300+ kW per rack, and deliver facilities at speeds that would have been impossible just five years ago.

Business Model Categories

REITs (Real Estate Investment Trusts) Publicly-traded entities required to distribute 90% of taxable income as dividends. REITs benefit from tax advantages and access to public capital markets, enabling rapid expansion through equity raises and debt financing. They typically focus on wholesale colocation and build-to-suit hyperscale campuses with long-term (10-15 year) contracts providing stable, predictable cash flows attractive to income-focused investors.

Private Equity-Backed Operators PE-backed operators leverage sponsor capital for aggressive growth strategies without public market scrutiny or dividend requirements. This model enables higher risk tolerance, longer investment horizons, and flexibility to pursue transformational acquisitions. PE sponsors (KKR, Blackstone, GI Partners, Macquarie) bring infrastructure expertise, debt capital access, and exit optionality through secondary sales or eventual IPOs.

Independent & Founder-Led Smaller operators often focusing on regional markets or specialized niches (edge computing, cable landing stations, hyperscale edge nodes). These operators differentiate through deep local relationships, faster decision-making, and willingness to serve underserved Tier 2/3 markets avoided by national operators.

Market Specialization

Hyperscale Wholesale Operators serving cloud providers (AWS, Microsoft Azure, Google Cloud) and AI companies with massive deployments ranging from 21 MW to 1+ GW campuses. These facilities feature standardized designs, modular construction, and long-term take-or-pay contracts. Hyperscale customers typically consume 50-100+ MW per campus with expansion rights for additional capacity.

Colocation & Retail Multi-tenant facilities serving enterprise customers with smaller deployments (1-10 racks or fractional megawatts). Colocation operators emphasize interconnection ecosystems, carrier diversity, and premium services (managed hosting, cloud connectivity, compliance certifications). Revenue models combine space/power charges with premium services and cross-connects.

AI-Optimized Infrastructure Emerging specialization focused on GPU-intensive workloads requiring 100-350+ kW rack densities. AI-optimized facilities deploy direct liquid cooling, rear-door heat exchangers, or immersion cooling to handle extreme thermal loads. Operators like CoreWeave, Aligned, and CyrusOne compete for AI infrastructure contracts supporting training clusters and inference deployments.

Edge Computing Distributed facilities positioned close to end-users for low-latency applications (5G, IoT, content delivery, real-time analytics). Edge operators build smaller facilities (1-5 MW) in secondary markets, often leveraging existing telecom infrastructure. This segment appeals to content delivery networks, cloud on-ramps, and latency-sensitive applications.

Operator Comparison Matrix

By Project Count & Scale

*Project counts reflect presence in the 604-project US datacenter database tracking major developments

By Strategic Focus

Hyperscale Leaders

• Digital Realty: Largest global REIT, 5,300+ MW across 50+ metros, PlatformDIGITAL interconnection ecosystem
• Aligned: $40B AIP acquisition, AI-optimized Delta3™/DeltaFlow™ cooling supporting 350+ kW racks
• QTS: Blackstone-backed with $125B investment pool, 1,900+ MW focused on AI/cloud workloads
• STACK: Project Jupiter ($165B Stargate partnership), 6.5+ GW pipeline across three continents

AI Infrastructure Specialists

• CoreWeave: Purpose-built GPU cloud with 250K+ GPUs, $23-25B valuation, NVIDIA partnership
• Aligned: DeltaFlow™ liquid cooling supporting 350+ kW, waterless operations, 5+ GW Americas footprint
• CyrusOne: Intelliscale platform for 300 kW racks, $12B financing for AI expansion, Japan JV targeting 900 MW
• QTS: AI-ready infrastructure across 24+ campuses, liquid cooling deployments, hyperscale build-to-suit

Regional & Edge Specialists

• Flexential: 21 projects across 6 states, edge computing focus, CoreWeave partnership for AI infrastructure
• DC BLOX: Southeast dominance with cable landing stations (Myrtle Beach, Palm Coast), dark fiber networks
• Compass Datacenters: Edge-focused hyperscale in secondary markets (Dallas, Nashville, Denver, Albuquerque)
• Lancium: Grid load balancing pioneer, interruptible power model reducing costs for flexible workloads

Mega-Campus Developers

• Vantage: Frontier Quincy campus ($25B, 1,290 MW), global expansion strategy
• Hunt Midwest: Project Kestrel ($100B, 1,000+ MW), Heartland USA mega-campus
• BorderPlex: Project Jupiter Texas ($165B partnership with STACK), US-Mexico border positioning
• Crusoe Energy: Energy-optimized model, Stargate Abilene partnership, flare gas utilization heritage

Detailed Operator Analysis

QTS Realty Trust

Blackstone-Owned | 24 Projects | $125B Investment Capacity

QTS, acquired by Blackstone in 2022 for $10.4 billion, represents one of the most aggressive hyperscale expansion stories in the industry. With 24 projects in our database (highest count), QTS has transformed from a diversified colocation REIT into a hyperscale and AI infrastructure powerhouse.

Key Metrics:

• 24 facilities tracked (highest operator count in database)
• 1,900+ MW total capacity across US portfolio
• $125B Blackstone investment pool available
• Major markets: Northern Virginia, Dallas-Fort Worth, Atlanta, Phoenix, Chicago

Strategic Advantages:

• Blackstone’s $125B infrastructure war chest enabling unlimited growth capital
• Rapid deployment capabilities with standardized hyperscale designs
• Strong relationships with Microsoft, Meta, AWS, and Google
• AI infrastructure focus with liquid cooling deployments across portfolio
• Hyperscale build-to-suit expertise with 50-200+ MW campuses

Notable Projects:

• Atlanta Mega Campus: Multi-building hyperscale development in metro Atlanta
• Northern Virginia Expansion: Multiple facilities in Data Center Alley
• Phoenix Presence: Leveraging Arizona’s power availability and cooling climate
• Chicago Facilities: Midwest interconnection hub serving cloud providers

Flexential

GI Partners-Backed | 21 Projects | 325+ MW Portfolio

Flexential emerged from the 2017 merger of Peak 10 and ViaWest, creating a national edge computing and colocation platform. With 21 projects (second-highest count), Flexential occupies the strategic middle ground between enterprise colocation and hyperscale infrastructure.

Key Metrics:

• 21 facilities (second-highest in database)
• 42 data centers nationally across 19 markets
• 325+ MW total capacity
• ~$1B capital raised (2025: Morgan Stanley + Hamilton Lane)
• $350M annual revenue

Strategic Positioning:

• Edge computing leader with facilities in high-growth secondary markets
• CoreWeave AI infrastructure partnership (13 MW deployments)
• Liquid cooling capabilities supporting 80+ kW racks for AI workloads
• Transition from leased to owned facilities for operational control
• FlexAnywhere integrated platform (colocation, cloud, connectivity)

Geographic Strength:

• Oregon (Hillsboro): 135 MW across 6 facilities, subsea cable landing point
• Colorado (Denver/Parker): 22.5 MW flagship with liquid cooling
• Nevada (Las Vegas): Gaming industry focus, two facilities
• Tennessee (Nashville): Multiple facilities serving growing market

DC BLOX

Independent | 20 Projects | Southeast Regional Leader

DC BLOX represents a unique strategic position: vertically integrated regional operator controlling critical subsea cable landing infrastructure. With 20 projects (third-highest), DC BLOX dominates the Southeast US through cable landing stations, dark fiber networks, and hyperscale edge nodes.

Key Metrics:

• 20 facilities (third-highest in database)
• 500+ MW planned capacity
• $700M total investment
• Only cable landing station operator in the Carolinas
• 500+ mile dark fiber route from Myrtle Beach to Atlanta

Strategic Moat:

• Myrtle Beach Cable Landing Station: First CLS in Carolinas hosting Google (Firmina, Nuvem) and Meta (Anjana) subsea cables
• Palm Coast Cable Landing Station: Second CLS hosting Google’s Sol transatlantic cable (under construction)
• Dark Fiber Network: Spanning 9 South Carolina counties connecting coast to Atlanta
• Hyperscale Edge Nodes: Four Southeast locations (Montgomery, Huntsville, others) bringing hyperscale capacity to regional markets

Major Developments:

• Atlanta East (Rockdale): 216 MW, 1M sq ft campus (groundbreaking 2024)
• Atlanta West (Douglas): 120 MW operational campus, 498K sq ft
• High Point, NC: $305M Tier III facility, first in Piedmont Triad
• Camp Hall, SC: 45 MW hyperscale campus connected to Myrtle Beach CLS

Digital Realty

Public REIT | 20 Projects | $59.75B Market Cap

Digital Realty stands as the largest publicly-traded datacenter REIT globally, operating 300+ facilities across 50+ metropolitan areas spanning six continents. With 20 projects in our database, Digital Realty serves nearly 5,000 customers including Fortune 500 enterprises and hyperscale cloud providers.

Key Metrics:

• $59.75B market capitalization
• 5,300+ MW global capacity
• 50+ metros across 6 continents
• 300+ facilities worldwide
• 5,000+ customers (50% Fortune 500)

Strategic Advantages:

• PlatformDIGITAL: Global interconnection platform with 30,000+ network connections
• ServiceFabric™: Hybrid infrastructure enabling seamless cloud connectivity
• Perimeter 81 acquisition: Network security and Zero Trust capabilities
• 100% renewable energy commitment by 2030
• Largest global colocation and interconnection ecosystem

Market Leadership:

• Northern Virginia: Dominant position in world’s largest datacenter market
• Silicon Valley: Major presence in innovation epicenter
• Frankfurt: European data hub with strong financial services presence
• Singapore: Asia-Pacific gateway with hyperscale capacity
• São Paulo: Latin America expansion with enterprise focus

Equinix

Public REIT | 14 Projects | $95B Market Cap

Equinix remains the global interconnection and colocation leader with 272 facilities across 71 metros on six continents. While showing 14 projects in our US database (focused on major developments), Equinix’s true differentiation lies in its unmatched interconnection ecosystem and enterprise customer density.

Key Metrics:

• $95B market capitalization (largest datacenter REIT)
• 272 International Business Exchange (IBX) datacenters globally
• 71 metropolitan areas across 33 countries
• 2,400+ MW global capacity
• 10,300+ customers, 535,000+ interconnections

Strategic Positioning:

• Network hub strategy: Facilities positioned at major internet exchange points
• Digital ecosystems: Customers deploy where partners and suppliers connect
• Fabric™ interconnection: Software-defined interconnection platform
• Metal™ bare metal services: Automated infrastructure deployment
• Enterprise focus: Higher margins than pure hyperscale wholesale

xScale Hyperscale Program:

• Joint venture hyperscale developments with sovereign wealth funds
• Separate capital structure enabling gigawatt-scale investments
• Long-term wholesale leases to hyperscale customers
• Maintains Equinix operational standards and interconnection access

CyrusOne

KKR/GIP-Backed | 14 Projects | $15B Acquisition Value

CyrusOne, taken private by KKR and Global Infrastructure Partners in 2022 for $15 billion, operates 55+ facilities across North America, Europe, and Asia-Pacific. The company’s Intelliscale platform positions it as a leader in AI-optimized infrastructure supporting 300 kW rack densities.

Key Metrics:

• $15B acquisition value (2022)
• 55+ facilities globally
• 1,200+ MW total capacity
• $12B financing raised (2024) for AI expansion
• Climate neutral by 2030 target

AI Infrastructure Leadership:

• Intelliscale Platform: AI-optimized designs supporting 300 kW racks
• Advanced Cooling: Mixed air/liquid cooling in same facility
• Space Efficiency: 75% less space than traditional designs for equivalent capacity
• Industrial Cooling: 5x capacity versus traditional systems

Global Expansion:

• Japan JV: $7B partnership with KEPCO targeting 900 MW over decade
• Europe: 270+ MW across Frankfurt, London, Amsterdam, Milan, Madrid
• Whitney Campus: $1.2B partnership with Calpine, 190 MW with direct power generation
• Phoenix: 279 MW across 8 buildings, largest CyrusOne campus

Vantage Data Centers

DigitalBridge-Backed | 12 Projects | Mega-Campus Strategy

Vantage Data Centers, backed by DigitalBridge’s Infrastructure Platform, pursues a focused strategy building some of the world’s largest hyperscale campuses. The company’s Frontier Quincy campus represents one of the most ambitious single-site developments in the industry.

Key Metrics:

• 12 projects in database
• 1,800+ MW total capacity
• Frontier Quincy: $25B investment, 1,290 MW capacity
• Global presence: North America, Europe, Latin America
• Sustainability focus: 100% renewable energy commitment

Mega-Campus Strategy:

• Frontier Quincy (Washington): 1,290 MW on 1,250 acres, $25B investment, direct hydroelectric power
• Northern Virginia: Multiple large-scale campuses in Data Center Alley
• Phoenix: Leveraging Arizona power and climate advantages
• Montreal: Hyperscale capacity with hydro power access
• Silicon Valley: Hyperscale campus serving cloud providers

Competitive Advantages:

• Direct access to renewable hydroelectric power (Quincy)
• Proven ability to deliver gigawatt-scale campuses
• DigitalBridge infrastructure expertise and capital
• Long-term hyperscale contracts providing revenue stability

Aligned Data Centers

AIP/BlackRock-Backed | $40B Acquisition | 5+ GW Portfolio

Aligned Data Centers’ October 2025 acquisition by the AI Infrastructure Partnership consortium for $40 billion represents the largest private datacenter transaction in history. This validates Aligned’s AI-optimized infrastructure strategy and positions the company as central to the global AI buildout.

Key Metrics:

• $40B enterprise value (largest private DC transaction ever)
• 5,000+ MW operational and planned capacity
• 50+ campuses across Americas
• Delta3™ waterless air cooling and DeltaFlow™ liquid cooling
• 100% renewable energy across portfolio

Technology Differentiation:

• Delta3™ Air Cooling: Patented waterless technology supporting 1-50 kW mixed densities
• DeltaFlow™ Liquid Cooling: Seamless integration supporting 3-350+ kW racks for AI workloads
• ExpandOnDemand™: Modular infrastructure decoupling space from power
• Adaptive Modular Infrastructure: Prefabrication enabling 18-24 month deployment
• OCP Ready Certified: First facility (ORD-02) to earn Open Compute Project hyperscale certification

Strategic Position Post-Acquisition:

• Microsoft, NVIDIA direct involvement via AIP consortium
• Access to $100B AI Infrastructure Partnership capital pool
• BlackRock GIP infrastructure expertise and global relationships
• MGX Abu Dhabi alignment with AI strategy and sovereign capital
• Continued management under CEO Andrew Schaap

CoreWeave

AI Cloud Specialist | $23-25B Valuation | 250K+ GPUs

CoreWeave represents a fundamentally different operator model: purpose-built GPU cloud infrastructure optimized for AI training and inference workloads. Rather than traditional colocation, CoreWeave operates as a specialized cloud provider competing directly with AWS, Azure, and Google Cloud for AI workloads.

Key Metrics:

• $23-25B valuation (various sources)
• 250,000+ GPUs deployed
• 14 datacenters across US and Europe
• NVIDIA strategic partnership (H100, H200, Blackwell GPUs)
• Aggressive expansion: 10-12 additional facilities planned

Business Model:

• GPU Cloud: On-demand access to NVIDIA GPU clusters (A100, H100, H200, GB200)
• AI Workload Specialization: Optimized for training large language models and inference
• Kubernetes-Native: Cloud-native orchestration for AI workloads
• Liquid Cooling: Advanced cooling supporting extreme power densities
• Rapid Scale: Ability to deploy thousands of GPUs in weeks versus months

Infrastructure Partnerships:

• Flexential: 13 MW deployments across multiple facilities
• Traditional colocation providers: Leasing space for GPU cluster deployments
• Direct facility development: Building owned facilities for scale

Competitive Position:

• Alternative to hyperscaler GPU clouds with better availability
• Lower costs than AWS/Azure/GCP for equivalent GPU access
• Specialized expertise in AI infrastructure versus general-purpose cloud
• NVIDIA partnership providing priority GPU allocations

STACK Infrastructure

IPI Partners-Backed | Project Jupiter Partnership | 6.5+ GW Pipeline

STACK Infrastructure, backed by the ICONIQ Capital and Iron Point Partners joint venture (IPI Partners), has rapidly scaled to become one of the largest hyperscale wholesale operators globally. The company’s $165B Project Jupiter partnership represents the largest single datacenter commitment in history.

Key Metrics:

• $165B Project Jupiter investment (30-year commitment)
• 6.5+ GW total pipeline (2.5 GW built/under construction + 4.0 GW planned)
• Operations across Americas, EMEA, and APAC
• $20B cumulative debt capital raised since 2019
• 100% renewable energy commitment

Project Jupiter (Santa Teresa, NM):

• 1,000 MW (1 GW) hyperscale AI campus
• Part of OpenAI/Oracle/SoftBank Stargate Initiative
• $165B over 30 years (includes equipment refresh cycles)
• On-site microgrid with natural gas generation + battery storage
• Oracle build-to-suit lease with OpenAI as ultimate tenant

Global Expansion:

• North America: Virginia (1+ GW Stafford campus), Silicon Valley, Portland, Phoenix, Dallas, Atlanta, Chicago
• Europe: DigiPlex acquisition (Oslo, Stockholm, Copenhagen, Milan)
• Asia-Pacific: Tokyo, Osaka, Johor Bahru, Melbourne, Canberra, Incheon

Strategic Advantages:

• Rapid deployment expertise for gigawatt-scale campuses
• IPI Partners (ICONIQ + Iron Point) capital and Silicon Valley relationships
• Build-to-suit specialization with hyperscale customers
• Proven ability to execute mega-projects like Project Jupiter

Specialized & Regional Operators

Compass Datacenters

Edge-Focused Hyperscale | Secondary Markets

Compass pursues a differentiated strategy building hyperscale-quality facilities in high-growth secondary markets (Dallas, Nashville, Denver, Albuquerque). This positioning offers cost advantages versus Tier 1 markets while serving distributed edge computing demand.

Lancium

Grid Load Balancing Pioneer | Interruptible Power Model

Lancium’s breakthrough innovation: datacenters designed to operate as flexible grid loads, accepting interruptible power at significantly reduced costs. This model is particularly attractive for batch AI training workloads tolerant of interruptions.

Key Innovation:

• Datacenters that curtail power consumption during grid stress
• 50-70% power cost reductions versus traditional contracts
• Ideal for AI training workloads that checkpoint frequently
• Utility partnerships providing grid stabilization services

Crusoe Energy

Energy-Optimized Model | Stargate Partnership

Crusoe emerged from Bitcoin mining roots to become an energy-optimized datacenter operator. The company’s heritage utilizing flare gas and stranded energy sources positions it uniquely for sustainable AI infrastructure.

Strategic Position:

• Stargate Abilene partnership (OpenAI/Oracle/SoftBank initiative)
• Energy optimization expertise reducing operational costs
• Flexible power sourcing from underutilized grid capacity
• AI cloud services competing with traditional providers

BorderPlex Digital Assets

US-Mexico Border | Project Jupiter Partnership

BorderPlex’s positioning on the US-Mexico border provides unique advantages: access to El Paso Electric power, proximity to renewable energy resources, and strategic connectivity between North American markets.

Project Jupiter Role:

• Partnership with STACK Infrastructure for $165B Stargate campus
• Santa Teresa, New Mexico location on Texas-New Mexico-Mexico border
• 1,000 MW hyperscale AI facility for Oracle/OpenAI

Hunt Midwest

Project Kestrel | Heartland Mega-Campus

Hunt Midwest’s Project Kestrel represents one of the most ambitious inland datacenter developments: $100B investment supporting 1,000+ MW in Kansas City metropolitan area.

Strategic Vision:

• $100B total investment over project lifecycle
• 1,000+ MW capacity targeting hyperscale AI workloads
• Midwest positioning offering power availability and connectivity
• Heartland USA brand emphasizing American manufacturing/infrastructure

Business Model Analysis

REIT vs Private Equity Ownership

Public REITs (Digital Realty, Equinix)

• Advantages: Access to public capital markets, dividend-seeking investor base, transparent valuations, liquidity
• Constraints: 90% dividend distribution requirement limits retained earnings, quarterly earnings pressures, public disclosure requirements
• Strategy: Focus on stabilized assets with predictable cash flows, enterprise customers with recurring revenue, interconnection ecosystems creating switching costs

Private Equity-Backed (QTS/Blackstone, Aligned/AIP, CyrusOne/KKR-GIP, Flexential/GI Partners)

• Advantages: Patient capital with longer investment horizons, flexibility for transformational acquisitions, higher risk tolerance, operational improvements driving value creation
• Constraints: Limited access to public debt markets (though securitization mitigates), eventual exit requirement (5-10 years), leverage ratios monitored by lenders
• Strategy: Aggressive growth through development and M&A, operational improvements and cost optimization, value creation through scale and market consolidation

Independent & Regional (DC BLOX, BorderPlex)

• Advantages: Faster decision-making, deep local relationships, willingness to serve underserved markets, founder-led entrepreneurial culture
• Constraints: Limited capital access versus large operators, higher cost of capital, challenging competition with well-capitalized nationals
• Strategy: Regional specialization, unique assets (cable landing stations), niche focus (edge, secondary markets), potential exit to PE or strategic buyer

Colocation vs Hyperscale Focus

Enterprise Colocation (Equinix, Flexential, CoreSite)

• Higher margins: $200-400 per kW/month versus$80-150 for hyperscale wholesale
• Customer diversification: Hundreds to thousands of customers reducing concentration risk
• Interconnection revenue: Cross-connects, network services, cloud on-ramps generating incremental revenue
• Complexity: Higher operational costs serving many small customers with varying requirements
• Churn risk: Shorter contract terms (1-3 years) and customer migration to cloud

Hyperscale Wholesale (QTS, Aligned, STACK, Vantage)

• Longer contracts: 10-15 year take-or-pay agreements providing revenue stability
• Standardization: Repeatable designs and build processes reducing costs
• Scale efficiency: Megawatt-scale deployments with lower per-unit costs
• Customer concentration: Heavy reliance on 3-5 major customers creating risk
• Lower margins: Competitive wholesale pricing with thin gross margins
• Capital intensity: Gigawatt pipelines requiring billions in development capital

Hybrid Models (Digital Realty, CyrusOne)

• Diversified revenue: Balance enterprise colocation and hyperscale wholesale
• Risk mitigation: Customer diversification across segments
• Capital allocation: Deploy capital based on relative returns across segments
• Complexity: Operating two different business models simultaneously

Regional vs National Strategies

National Operators (QTS, Digital Realty, Equinix, CyrusOne, Aligned, STACK)

• Advantages: Serve multi-market hyperscale requirements, nationwide interconnection fabric, geographic diversification reducing regional risks
• Challenges: Capital requirements for multi-market presence, management complexity across regions, competition in every market

Regional Specialists (DC BLOX Southeast, Flexential Western/Mountain West)

• Advantages: Deep local utility relationships, market expertise and relationships, focused capital deployment, underserved market opportunities
• Challenges: Geographic concentration risk, limited appeal to national hyperscale customers, potential capacity constraints in small regions

AI Specialization Trend

The emergence of AI workloads has created a new category of operator specialization:

Purpose-Built AI Infrastructure (CoreWeave, Crusoe)

• GPU cloud services competing directly with hyperscalers
• Liquid cooling and extreme power densities (200-350+ kW per rack)
• Rapid deployment (weeks to months) for GPU cluster additions
• Kubernetes-native orchestration optimized for AI frameworks
• NVIDIA partnerships providing priority GPU allocations

AI-Optimized Traditional Operators (Aligned, CyrusOne, QTS)

• Hybrid infrastructure supporting both traditional and AI workloads
• Modular designs enabling retrofit of existing facilities
• Advanced cooling technologies (Delta3™, DeltaFlow™, Intelliscale)
• Build-to-suit AI campuses for hyperscale customers
• Waterless cooling for sustainable high-density operations

Traditional Operators Adding AI Capabilities (Most Others)

• Incremental liquid cooling deployments in existing facilities
• Higher power density zones within mixed-use datacenters
• Partnerships with AI cloud providers (Flexential + CoreWeave)
• Retrofit challenges with existing electrical and cooling infrastructure

Key Trends & Outlook

Power Constraints Driving Strategy

Every major operator now faces the same fundamental constraint: access to utility power. This has triggered several strategic responses:

1. Brownfield Site Conversion: Acquiring former industrial sites with existing utility infrastructure
2. Direct Generation Partnerships: CyrusOne-Calpine model with behind-the-meter power
3. Nuclear Partnerships: Microsoft-Constellation Energy Three Mile Island restart, Google SMR investments
4. Utility-First Site Selection: Sites chosen based on power availability before other factors
5. Multi-Year Pre-Development: Securing power allocations years before construction begins

Consolidation & Mega-Transactions

The sector has seen unprecedented M&A activity with record-breaking transactions:

• Aligned: $40B (2025, largest private DC transaction ever)
• CyrusOne: $15B (2022, KKR/GIP take-private)
• QTS: $10.4B (2022, Blackstone acquisition)
• Cyxtera: $2.4B (2021, Brookfield/EQT)
• CoreSite: $10.1B (2021, American Tower REIT)

This consolidation trend reflects:

• Capital requirements for gigawatt-scale development
• Strategic value of at-scale platforms to hyperscalers
• PE and infrastructure funds seeking datacenter exposure
• Public REIT valuations often trading below private market values

Sustainability Differentiation

Environmental commitments have evolved from marketing to hard requirements:

• 100% Renewable Energy: Standard expectation from hyperscale customers
• Waterless Cooling: Aligned’s Delta3™, CyrusOne’s closed-loop systems
• Zero-Carbon Targets: Digital Realty (2030), CyrusOne (2030), Aligned (2040)
• Green Financing: Sustainability-linked loans, green bonds, ABS tied to emissions reductions
• Certifications: LEED, Green Globes, Climate Neutral Data Centre Pact

Related Resources

• Datacenter Projects Database - Comprehensive tracking of 600+ US datacenter projects
• Power & Utilities - Analysis of power sourcing strategies and utility partnerships
• Technology & Cooling - Deep dive on liquid cooling, AI infrastructure, and advanced technologies
• Financial Sponsors - Private equity and infrastructure funds driving datacenter investment
• Hyperscale Cloud Providers - AWS, Microsoft, Google, Meta datacenter strategies

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Last Updated: October 16, 2025 Data sources: Operator entity dossiers, project database tracking 604 US datacenter projects, public filings, industry reports