Updated October 202670+ pagesPDF

Data Centers Report

Funding, valuations and who’s ahead

Cover of NewMarketPitch's Data Centers report: funding, valuations and who's ahead, 2026 edition
Who is on the hook for a trillion dollars of data-center leases? Five tech giants. They signed ~$1.12T of rent, mostly for data centers, in buildings not yet open, ~4 times the leases on their books. Microsoft alone signed $329B. Chart from NewMarketPitch's Data Centers report.
Is the AI campus startup Crusoe really worth $31 billion? Partly, two thirds of it, if its sales arrive. Priced like the listed landlords, ~$2B of sales would be worth ~$20B. The other ~$11B is a bet on its growth. Chart from NewMarketPitch's Data Centers report.
Is the data-center boom showing signs of strain? Yes, on the money side. Tenants backed out, an IPO was pulled and loans on an Oracle campus trade below face value, while space stays full. Chart from NewMarketPitch's Data Centers report.
How much is borrowed per dollar of data-center equity? Up to $11. On the biggest projects, lenders put in 1.6 to 11 times more than the owners. Meta’s Hyperion campus borrowed $27.3B on ~$2.5B of equity. Chart from NewMarketPitch's Data Centers report.
Is power now the real bottleneck for data centers? Yes. Requests to plug big new users, mostly data centers, into the Texas grid add up to 5.2 times the state’s record demand. Gas turbines are booked for years. Chart from NewMarketPitch's Data Centers report.
Crusoe or Nscale: who is really ahead in building AI campuses? Crusoe, on every line both publish: power, contracts, sales, value and money raised. Nscale’s order book grows faster, and its IPO could narrow the gap. Chart from NewMarketPitch's Data Centers report.
Are data-center companies priced like big tech? Yes, most listed ones, at ×10 to ×39 their yearly sales. The UK startup Nscale, the only one with 12-month sales on file, is priced at ×90, above Palantir. Chart from NewMarketPitch's Data Centers report.
Did crypto miners become the landlords of the AI boom? Yes, largely. Six startups that began by mining crypto, led by Crusoe, took 55% of the $30.2B raised by data-center startups recently. Chart from NewMarketPitch's Data Centers report.
How fast are data-center startup valuations climbing? Very fast. Crusoe rose from $2.8B to $30.9B in 21 months, and Firmus eight times in 11 months before pulling its IPO. Chart from NewMarketPitch's Data Centers report.

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Inside the report

  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • Who’s growing the fastest
  • Which investors are making the biggest bets
  • Which business models are winning
  • What are the biggest unsolved problems
  • What technologies are gaining traction
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026