Make better decisions on the data center market

Updated October 202670+ pagesPDF

Data Centers Reality Check
Cover of NewMarketPitch's Data Centers Reality Check report, 2026 edition
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.
Is Europe falling behind America in data centers? Yes, far behind. The US holds ~54% of the world’s big cloud capacity and 15 of the 20 largest hubs. Europe has ~15% and one, Dublin. Chart from NewMarketPitch's Data Centers report.
Are data centers overbuilt, or are they still full? Still full in America. Only 1.4% of the space in the main US markets is empty, and 80% of what is being built is already rented. Chart from NewMarketPitch's Data Centers report.
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.
Are four startups now worth more than Digital Realty? Yes, on paper. Crusoe, Fluidstack, Nscale and Firmus add up to ~$74B, more than the data-center landlord Digital Realty ($66B). But even with all the sales they expect in 2026, ~$3B, they sell less than half as much ($6.8B). Chart from NewMarketPitch's Data Centers report.
Have data-center and nuclear stocks held up since they listed? Mostly, three of five. Oklo, CoreWeave and Ionic Digital trade above their listing price, X-energy and Fermi far below. All five sit 25% to 92% under their peak. 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.
Who pays for the new grid power that data centers need? Every home and business on the grid. In the biggest US grid’s record $16.4B power auction, $6.5B (40%) is tied to data centers, most of them not yet built. 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.

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Inside the report

  • What has changed in the last 12 months
  • What works today, and what’s still hype
  • What are the biggest unsolved problems
  • Overbuilt, or still full?
  • 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
  • Which business models are winning
  • Which investors are making the biggest bets
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026