Welcome to the Data Centres Global Report 2026

Demand is being reshaped by the AI super cycle, traditional hyperscale cloud providers, and escalating power constraints that increasingly dictate market behaviour.

Investors are navigating an environment of unprecedented capital influx, rising tenant concentration risk, and a widening divergence between power-rich and power-constrained regions.

The global acceleration of artificial intelligence is reshaping the digital and physical landscape at a pace without precedent, driving profound change across the data centre industry and the wider energy ecosystem. AI is no longer a theoretical technology, it is a present and immediate force, catalysing a historic build out of digital infrastructure.

What was once a sector defined by location, connectivity and occupier demand is now being led by a single overriding variable: power.

Power: the key data centre growth variable

Global capacity is projected to nearly double by 2028, rising from 62GW to more than 110GW, with AI specific workloads expanding even faster. Yet this rapid growth is running headlong into structural constraints. Power grids across key markets are stretched to their limits, with connection queues extending close to a decade in some regions. These pressures have intensified vacancy shortages, pushed rents upward and elevated power availability to the defining factor in site selection.

AI infrastructure investment at an all-time high

At the same time, hyperscale cloud operators are investing on a scale unmatched in corporate history. By 2026, combined capital expenditure from Microsoft, Amazon Web Services, Google and Meta is expected to exceed $650 billion as they race to meet surging AI compute requirements. Hyperscaler dominance of global take up, now approaching 70%, is not only reshaping market dynamics but also increasing exposure to the capital cycles and strategic priorities of a small cohort of tenants. This concentration is prompting both investors and developers to rethink risk, delivery timelines and long-term planning.

New interest in non-traditional energy sources

The power challenge is also accelerating a shift toward alternative energy strategies. Major technology companies are increasingly turning to nuclear and private power procurement, while governments are tightening regulatory frameworks to balance grid pressures with economic opportunity. Emerging AI focused infrastructure operators are scaling rapidly in response, but often through highly leveraged models that introduce new layers of risk to the ecosystem.

Ultimately, the period ahead will be defined by two fundamental questions: whether AI workloads can generate sustainable long-term revenues, and whether global power infrastructure can expand quickly enough to support continued growth. Failure on either front carries significant implications, from overbuilding to systemic supply shortages.

This report provides a comprehensive assessment of these dynamics, offering clarity at a moment when the intersection of technology, infrastructure and energy is becoming one of the defining economic challenges of our time.