8 segments · 142 companies · as of Sep 18, 2026
Data Center Owners & Operators
Owning powered buildings and campuses that cloud and AI tenants lease
Where it sits
Fed by: Energy & ResourcesFeeds: Cloud & AI Capital
Landlords deliver reliable power, cooling, buildings and connectivity to tenants that install computing equipment. The market spans listed colocation operators, private hyperscale developers, regional campuses and former mining sites converted into long-term AI leases.
Why now
Long AI leases and constrained power access are drawing capital into larger campuses. Acquisitions, IPO preparations and mining-site conversions reshape the owner base in 2026, while announced gigawatts remain far larger than completed, rent-producing IT capacity.
Listed colocation & data center REITs
Listed operators and property trusts own network-rich colocation sites and hyperscale buildings. Investors must distinguish live IT capacity from development pipelines and separate trusts from their sponsors.
IBX colocation and xScale hyperscale campuses combine interconnection with liquid-cooling-ready AI capacity
leaderPlatformDIGITAL campuses include Interxion in Europe and Teraco in Africa, spanning colocation and dedicated halls
leaderGlobal Data Centers expands leased capacity, including a phased liquid-cooling-ready Chennai campus beginning in 2026
majorCoreSite owns US colocation campuses; Denver DE3 is scheduled to open at the end of 2026
majorChina operating campuses serve hyperscalers; DayOne is a minority investment and separately financed international platform
majorWholesale expansion at Ulanqab supports Chinese AI demand; new orders and construction exceed currently operating capacity
majorAustralian colocation campuses expand; OpenAI S7 Sydney cooperation is an MoU with first delivery targeted for 2027
majorInfinit Spaces operates Rabale, Siruseri and Noida colocation campuses; subsidiary IPO remains a filing-stage process
majorOwns Asian and European data center real estate; remaining interests in Keppel DC Singapore 3 and 4 closed in February 2026
majorSix established data center assets form the Singapore-listed trust; sponsor NTT remains a separate operating group
challengerHMC-managed trust owns Australian and US data center assets; FY2026 reporting confirms continued ASX listing
challengerIntellicentre IC3 in Macquarie Park adds AI-ready colocation capacity with end-state power secured
majorNorth American portfolio includes 55 data centers and interests in fully fitted hyperscale and powered-shell assets
majorInternational data center real estate includes a 49% Osaka Data Centre 1 interest alongside industrial properties
majorMEGA IDC in Tseung Kwan O is designed for more than 180 MW at full buildout within its Hong Kong campus network
majorOwns 49.72% of CDC, whose contracted Australasian capacity exceeded 1 GW in the June 2026 valuation update
majorOwned and partnership campuses include Paris and Frankfurt projects built from secured land and power allocations
major90%-owned Linton Hall signed a ten-year whole-building cloud tenant lease commencing December 2026
nicheBaodi and Shanghai Jiading anchor a Chinese colocation estate reported at about 92,000 operating racks in August 2026
majorTaiwan IDC operator broke ground at Lunping in August 2026; the new AI campus targets 36 MW at full development
niche
Sources: digitalrealty.com, coresite.com, nttdata.com, nextdc.com, datacenterdynamics.com, hmccapital.com.au
Private campus platforms
Private operators build hyperscale campuses and regional colocation portfolios. Their roles identify owned facilities, tenants or committed expansions while separating operating data halls from development pipelines.
Richmond 1's 238 MW campus and other dedicated hyperscale sites operate under Blackstone fund ownership
leaderFrontier Texas and Lighthouse Wisconsin expand Stargate capacity; Lighthouse is planned for completion in 2028
leaderAIP/MGX/GIP acquired the platform in July 2026; ODATA extends DeltaFlow-enabled campuses into Latin America
majorBlue Owl-backed platform delivers the planned Stargate New Mexico campus with on-site microgrid infrastructure
majorDFW10 secures 190 MW of power, land and grid access beside Calpine's Texas plant; first service targets late 2026
majorBrookfield and Ontario Teachers-backed platform develops repeatable hyperscale campuses with long-term tenant commitments
majorCORE, CITADEL, PYRAMID and KEEP PRIME campuses provide large US colocation blocks; reported IPO remains uncompleted
majorRed Oak's first phase is designed for 240 MW critical IT power, with larger campus expansion subject to buildout
majorApollo-controlled platform develops campuses including Elk Grove Village, with new substation infrastructure
majorGlobal campus portfolio includes Frankfurt Offenbach, Didcot, Milan, Bangkok, Osaka and multiple US markets
majorDigitalBridge and La Caisse jointly own the platform developing dedicated hyperscale buildings across several regions
majorEQT-backed build-to-suit platform develops global campuses and co-owns India's AdaniConneX venture
majorTambore campus added its sixth building in April 2025; separate AI City capacity remains a phased development plan
majorAbilene's operating first phase serves the Stargate chain; Blue Owl-backed expansion adds leased AI campus capacity
majorSaline's The Barn campus is under construction exclusively for Oracle and OpenAI with Blackstone equity participation
majorSBA Edge owns West Chicago and Jacksonville multi-MW colocation facilities; regional capacity is small beside the tower estate
nicheSDC Austin's two-building campus targets 84 MW IT; the second building remains in construction in 2026
majorWest Jordan campus operates its initial phase while two further buildings form the financed Utah expansion
majorOwns TekPark in Pennsylvania after October 2025 acquisition; a 100 MW power expansion targets the second half of 2026
nicheHillsboro 4 and 5 property acquisitions closed in May 2026; the 18 MW Hillsboro 4 multi-tenant facility is fully leased
majorNovacap JV acquired Buffalo, Nashville and Tampa colocation facilities from 365 Data Centers in February 2026
nicheFRA01 Frankfurt campus forms part of its hyperscale development portfolio; announced pipeline is distinct from live capacity
challenger
Sources: q.com, vantage-dc.com, aligneddc.com, sabeydatacenters.com, tierpoint.com, prnewswire.com
Europe & Middle East campuses
Regional operators pair constrained metro locations with Nordic power or Gulf development capital. High-density cooling and tenant commitments matter more than a site's headline masterplan size.
Brookfield-backed platform operates ten European campuses and develops additional high-density hyperscale capacity
leaderQAJ01 Ajman is designed for 100 MW of liquid-cooled IT capacity; Tier III design certification is not operating certification
leaderLondon East and West provide colocation; London South has approval for 40 MW IT, distinct from secured campus power
majorSTTGDC-controlled operator expands London capacity and develops Saunderton, Berlin and Milan campuses
majorSpring Park and other UK campuses provide critical colocation capacity under Elliott and Revcap ownership
majorMajority-owned Kao Data operates UK HPC colocation; 33 MW KMAN-01 Manchester targets service in third-quarter 2027
majorDevelops DUB10 Clondalkin and DUB20 Arklow with Starwood backing; campus plans are not treated as operating IT capacity
majorOperating campuses in Dublin, London and Abu Dhabi complement Amsterdam and SEGRO joint-venture developments
majorNordic high-density colocation remains a private platform after CPP, Equinix and Partners Group closed the September takeover
majorGreen Mountain OSL-Hamar operates 90 MW contracted to TikTok, with an option for 150 MW total campus capacity
majorN01 Norwegian campus houses committed AI-ready buildings, with larger power capacity developed in phases
majorBorlange facility will host Mistral AI under a EUR 1.2 billion partnership, with opening scheduled for 2027
majorFidelity-owned platform designs and operates hyperscale facilities in Europe and Asia, including a Mitsui Japan venture
majorI Squared-backed platform operates regional European edge-colocation sites for low-latency enterprise and AI workloads
nicheNEOM Oxagon agreement plans a 1.5 GW AI campus; its $5 billion first phase targets 2028 operation
emergingDubai and Abu Dhabi colocation platform announced a KKR partnership in 2025; the reviewed release did not establish closing
majorcenter3 operates Riyadh, Jeddah and Dammam data centers and develops new capacity with Saudi infrastructure partners
majorOperational SIN01 hosts Nscale's Microsoft GPU deployment; the wider 1.2 GW SINES campus remains phased development
majorNarvik's 230 MW campus program serves Microsoft; additional Rubin capacity is contracted for deployment in 2027
challengerTelehouse operates carrier-neutral Docklands colocation in London; this is separate from its Japanese telecom operations
major
Sources: data4group.com, newsroom.equinix.com, ecodatacenter.tech, startcampus.pt, nscale.com
Asian hyperscale & regional operators
Asian platforms serve local cloud demand and international hyperscalers through dedicated campuses and colocation halls. Listed telco parents, private sponsors and minority joint ventures need separate attribution.
Blackstone/CPP-owned campuses include TOK1 and TOK2 in Japan and large Australian, Singapore and Johor developments
leaderKKR/Singtel completed full acquisition on September 2, 2026; regional platform operates under refreshed STTGDC branding
leaderJC3 Jakarta's 120 MW campus is under construction, with its first phase scheduled for late 2026 service
majorBain-backed MY06 Johor campus uses cold-plate liquid cooling; proposed Singapore expansion remains a development plan
majorJohor and other Asian campuses anchor the former GDS International platform; Lahti and Kouvola expand into Finland
majorChina hyperscale campuses transferred to an HEC-led consortium in January 2026; further listed-parent roll-up is unconfirmed
majorStonepeak-backed portfolio includes Japan, Korea, India and Southeast Asia, with a phased Navi Mumbai campus
majorNM1 Navi Mumbai offers 52 MW IT load and D1 Greater Noida 30 MW; placement covers colocation, not GPU cloud sales
majorMumbai DC1-DC5 supply rated-4-style colocation capacity, with additional DC6/DC7 development planned
major50%-owned AdaniConneX operates Chennai 1 and develops additional Indian hyperscale campuses
majorNxtra's controlled network includes hyperscale campuses in Mumbai, Chennai, Bengaluru, Noida and Hyderabad
majorJamnagar built-to-suit agreement supplies 168 MW to Meta within two years of June 2026, with expansion options
challengerDongtan operations and a planned 60 MW Gumi AI center support hosting; Gumi's target opening is March 2029
majorJukjeon infrastructure operation and Hanam tenant role provide managed Korean data center capacity
majorVyoma operates Chennai and Panvel colocation and develops the next Navi Mumbai hyperscale campus
challengerMY1 Johor plans five 40 MW buildings with 145 MW initial power allocation; first phase targets Q4 2026
challengerTH01 Bangkok's first 12 MW IT phase is pre-leased to a hyperscaler for Q4 2026; another 40 MW targets 2027
challengerFully acquired Web Werks in 2025; its Mumbai, Pune and other Indian data centers now sit within IMDC
majorJHB1 Johor targets more than 300 MW IT across three buildings, supported by GIC and ADIA platform investment
major
Sources: airtrunk.com, cdn2.singteldigital.com, bridgedatacentres.com, prnewswire.com, baxtel.com, ironmountain.com
AI hosting landlords
Physical AI and HPC sites provide powered halls, colocation or vertically integrated hosting under customer contracts. Bare-space leases and GPU-cloud service agreements have different economics and are identified explicitly; mining capacity alone does not qualify.
Polaris/Delta Forge leases total 1.2 GW critical IT; CoreWeave contracts 400 MW and unnamed investment-grade tenants the rest
leaderApproximately 590 MW critical IT is contracted to CoreWeave; deliveries are staged through early 2027 after failed merger
leaderHelios delivered 133 MW IT to CoreWeave; total signed leases cover 526 MW IT supported by 800 MW gross power
majorLake Mariner's Fluidstack leases have specified Google credit support; revenue-generating capacity reached 102 MW in July
majorAWS and Google-supported Fluidstack leases total 600 MW gross; initial Black Pearl capacity began rent in August 2026
majorRiver Bend's 245 MW IT Fluidstack lease has Google-backed base-term obligations; phased delivery begins in 2027
majorEnovum NC-1 leases 40 MW IT to Nscale for ten years; initial billing began in 2026 after commissioning delays
challengerTydal signed a 121 MW IT, 16-year lease with Volta for an unnamed AI lab, supported by about 133 MW gross power
challengerSandersville leases 175 MW IT to an unnamed high-investment-grade technology tenant; delivery starts in late 2027
challengerRockdale's AMD lease expanded to 50 MW IT after the option exercise; further capacity remains optional
challengerCerebras signed a 40 MW IT Alabama colocation agreement; initial 15 MW phase targets December 2026 readiness
emergingTensorWave signed a 15-year Matador lease for 222 MW total facility power; delivery starts in second-half 2027
emergingAbilene leased campus capacity serves Oracle/OpenAI; a separate 900 MW Abilene development supports Microsoft
majorChildress delivered 50 MW IT under Microsoft's GPU-cloud contract; a separate 60 MW Nvidia cloud contract ramps in 2027
majorControlled Ardent operates Pittsburgh AI colocation; the 12 MW IT plan includes 6 MW scheduled for March 2027
niche
Sources: ir.applieddigital.com, galaxy.com, investors.terawulf.com, globenewswire.com, iren.gcs-web.com, ardentdc.com
Powered land & campus developers
Landowners and developers secure sites, permits, utility power and on-site generation before tenants occupy buildings. Gross power targets and non-binding options are development resources, not operating IT capacity.
Paris and Frankfurt campus programs convert secured power into leased data centers through owned development partnerships
leaderCaldwell Valley's roughly 3,000 acres target multi-GW buildout; first 250 MW grid delivery is contracted for early 2028
leaderQ2 2026 starts include a 260 MW build-to-suit data center project; development starts are not operating capacity
majorThe Barn in Saline develops dedicated Oracle/OpenAI capacity with Blackstone equity and PIMCO-anchored debt
majorAbilene Clean Campus provides the land and power framework for Crusoe's phased Stargate facilities
majorSB Energy builds and operates OpenAI's leased 1.2 GW Milam County campus, with phased facilities under development
majorProject Matador combines permitted land and planned private power; TensorWave tenancy precedes full project financing and delivery
emergingSan Marcos campus masterplan targets 1.2 GW; first 50 MW remains a late-2026 target with Evolve development support
emergingBolt agreement makes Permian acreage available for future AI campuses; no completed leased campus is implied
emergingPowerBridge holds an option on about 3,400 acres for a planned 2 GW Alpha Digital Campus, with power targeted from 2027
emergingEdged partnership develops data centers in Madrid, Barcelona, the Basque Country, Lisbon and Extremadura
majorPure DC Paris JV combines secured 75 MVA power and land for a planned 48 MW IT facility, with hyperscaler pre-let targeted
challengerManor Farm's proposed 107 MW powered-shell facility remains subject to planning and tenant pre-let negotiations
emergingCosmosquare OS1 and Keihanna OS4 develop phased Osaka capacity under the privatized real-assets platform
majorMay 2026 stakes in Mumbai, Chennai and Hyderabad projects cover about 200 MW gross capacity with CapitaLand
challengerFrankfurt Ostend's 75,000-square-metre site supports planned data center development with Mainova WebHouse
emergingMoses Lake power-secured site has a September 2026 PowerSecure backup contract; an executed AI tenant lease is not verified
emergingStarwood prepares mining-site conversions and tenant leasing; June 2026 filings still classify all sites as pre-development
emergingKati 2 proposes more than 100 MW critical IT with Metrobloks; prospective neocloud tenant commitment remains non-binding
emergingOwned Snyder site deploys an initial 8 MW of Crusoe Spark modules, with phased expansion to 25 MW contemplated
emergingTemple I's 300 MW first phase is in construction for late 2027 within a larger power-secured Texas land program
challengerArcola powered-shell campus has an executed long-term hyperscale lease; tenant identity is undisclosed
majorSt Leonards AI campus is under construction in Tasmania with a 104 MW Aurora power contract; operation is targeted for 2027
emerging
Sources: tract.com, landbridgeco.com, texaspacific.com, quinbrook.com, powerhousedata.com, abc.net.au
Platform owners & development JVs
Listed sponsors own or co-develop data center platforms through specific funds and joint ventures. These placements identify the ownership role without treating an entire manager's assets as its shareholders' property.
Managed funds own QTS and AirTrunk and co-own Saline's Oracle/OpenAI campus; platform assets remain separately identified
leaderManaged funds own 80% of Meta Hyperion's JV and back STACK and Crusoe Abilene; role is owner and developer capital
leaderPartnership and co-investors own Compass and Data4 interests; BIPC is omitted as the economically equivalent wrapper
majorManaged vehicles back Vantage, Switch, DataBank and jointly controlled Yondr; SoftBank takeover closing remains unverified
majorInfrastructure funds own 75% of STTGDC and co-own CyrusOne; Gulf Data Hub investment adds Middle East campus exposure
majorManaged funds acquired a majority of Stream Data Centers in November 2025; STACK remains a separate Blue Owl-backed platform
majorGIP/AIP vehicles co-own Aligned after July closing and partner with ACS on a global campus development platform
majorOwns 25% of STTGDC after September closing and controls Nxera's separate regional data center development business
major49.72% CDC stake and majority Kao Data ownership provide direct exposure to campus development and contracted capacity
majorManaged vehicles retain VIRTUS exposure; Aligned ownership transferred to the AIP/MGX/GIP consortium in July 2026
major50:50 GIP development JV closed in January 2026 with a 1.7 GW pipeline; Turner construction is mapped to Hochtief
majorOwns about 34% of atNorth after September 2026 closing, alongside CPP's controlling stake and Partners Group
majorSB Energy's Milam development supplies an executed OpenAI campus lease; DigitalBridge acquisition is still treated as pending
majorData center funds develop Singapore's floating facility and Genting Lane expansion; Keppel DC REIT is a separate listed owner
majorOwns 40% of the STTGDC joint venture behind 30 MW STT Seoul 1, opened in Gasan in June 2026
nicheSponsors and co-invests in CIDCF, developing Navi Mumbai, Chennai and Hyderabad facilities alongside CapitaLand India Trust
majorConsortium participation funds Aligned's July 2026 acquisition; a separate minority stake backs Khazna's UAE campuses
majorInfrastructure funds own EdgeConneX and finance its hyperscale campus development across Europe and other regions
majorAda Infrastructure develops Docklands; Ares Secondaries funds separately acquired a minority Sabey stake in July 2026
majorFunds back Digital Edge's Asian campuses; the platform raised $640 million of new equity within its 2025 financing
majorHolds about 51% of atNorth after September 2026 closing and co-invests with Blackstone in AirTrunk
majorCo-led a $1.6 billion investment with ADIA in Vantage APAC, supporting Johor JHB1 and the regional development platform
majorRowan portfolio company develops Temple and Cinco powered campuses; managed capital is distinct from operating capacity
nicheRetains a 26% minority stake in STT GDC India; this is an ownership interest rather than control of the campus operator
niche
Sources: about.fb.com, aligneddc.com, cdn2.singteldigital.com, atnorth.com, stonepeak.com, gic.com.sg
Carrier-owned data centers
Telecom groups own colocation campuses alongside their networks. Their physical IDC businesses lease cabinets, power and halls to enterprise and cloud tenants; carrier AI-compute revenue is not treated as colocation capacity.
Cloud subsidiary's Yongsan hyperscale IDC and wider Korean network lease facility capacity to enterprise and cloud customers
majorPyeongchon and Pyeongchon 2 campuses provide Korean colocation with redundant power and cooling systems
majorSK Broadband colocation and the SK-AWS Ulsan buildout provide facility capacity; initial Ulsan service targets 2027
majorTomakomai AI campus is under construction, targeting first operation by March 2027; this is the telecom operating company
challengerShiroi campus phase three targets fiscal 2026 opening, initially 10 MW with provision for denser liquid-cooled loads
majorGlobal Data Centers unit operates more than 160 facilities; former listed NTT DATA subsidiary was taken private in 2025
majorTelehouse colocation network and Osaka Sakai AI facility, opened January 2026, provide owned high-density infrastructure
majorNxera opened 58 MW DC Tuas in February 2026, bringing its Singapore capacity to 120 MW
majorNational IDC campuses span China's computing hubs; disclosed rack-power capacity exceeded 3.2 GW at year-end 2025
leaderHohhot liquid-cooled campus forms part of its IDC network; first-half 2026 data center revenue was RMB 19 billion
majorChongqing Southwest Data Center provides physical IDC infrastructure; first-half 2026 IDC revenue grew 11%
majorLunping's new AIDC joins its Taiwan enterprise IDC estate; the announced 36 MW is full-build capacity, not live load
major
Sources: chinatelecom-h.com, hkexnews.hk, chinaunicom.com.hk, softbank.jp, cht.com.tw, chintglobal.com
Glossary
- Critical IT load
- Power available to computing equipment, excluding cooling and other facility overhead; it is smaller than gross campus power.
- Colocation
- Leasing space, power and cooling in a shared or dedicated data center while tenants own the computing equipment.
- Powered land
- A development site with a path to electricity and permits; it is not yet an operating data center.
- Credit backstop
- A stronger counterparty supports specified tenant obligations; the exact coverage depends on the contract.
- Ready for service
- A facility or phase is available for the tenant after required construction and commissioning milestones.
Heat, spend, exposure and shares are editorial estimates. How to read the map ↗