Building and running data centres
Developing, building, powering, cooling and running the buildings that house AI hardware.
Who is making money
The companies earning or raising real money in this part of AI. Suppliers are marked: they sell to the builders rather than to end users.
GPU cloud building its own campuses
Up to 1.2 GW campus under way in Missouri
Open profileOperates data centres that link cloud and network providers, and leases whole campuses through xScale.
Revenue of $2.63B in Q2 2026 (quarter to 30 June 2026)
Open profileData centre operator owned by Blackstone, building large hyperscale campuses in the US.
Blackstone bought QTS for about $10B in 2021
Open profileData centre developer with 51 campuses in the US, Latin America and Chile.
About $40B enterprise value (deal closed 21 July 2026)
Open profileSupplies switchgear, power distribution and backup power for data centre campuses.
Record revenue of $8.5B in Q2 2026 (quarter to 30 June 2026)
Open profileBuilds the power lines and substations that connect data centres to the grid, plus data centre electrical work.
Revenue of about $9.6B in Q2 2026 (quarter to 30 June 2026)
Open profileSupplies power distribution, cooling and controls for data centre builds.
H1 2026 revenue of EUR 21.2B (six months to June 2026)
Open profileMechanical and electrical contractor that installs heating, cooling and power systems in data centres.
Revenue of about $3.3B in Q2 2026 (quarter to 30 June 2026)
Open profiledata centre landlord
Record $1.9B of signed rent waiting to start
Open profileElectrical and mechanical contractor that builds and fits out data centres and other large buildings.
Revenue of about $5.15B in Q2 2026 (quarter to 30 June 2026)
Open profiledeveloper
Raised $4.6B of debt for one 230 MW Nevada campus
Open profileMakes cooling, power enclosures and cable systems that go inside data halls.
Sales of $1.47B in Q2 2026 (quarter to 30 June 2026)
Open profilepower and cooling equipment
Quarterly sales of $3.3B (Q2 2026)
Open profileData centre developer owned by Blue Owl, with campuses in Asia Pacific and the Americas.
Asia operations could sell for more than $30B (Bloomberg, May 2026, not finalised)
Open profileBuilds and runs large data centre campuses for cloud and AI tenants across several continents.
Exploring an IPO or sale at about $100B (Reuters, Aug 2026, reported)
Open profileWhere the money flows
Tenants sign long leases with developers and landlords, who pay builders and equipment makers for the building, power and cooling.
committed to develop 600 MW of new hyperscale capacity across QTS
datacentres.combought Aligned Data Centers with AIP and BlackRock's GIP
aligneddc.com
The openings
Gaps still open in this area, from ones a small business could take to ones only giants can play.
- Small business Monitoring, capacity planning and energy management software and services for operators
- Small business Permit, community-approval and compliance workflow tools for developers
- Startup money Liquid cooling and modular power systems
- Giants only Gigawatt campus development
Rents are locked in before the debt is raised, so rising interest rates (data centre bonds now near 7%) squeeze developers.
Sources: sec.gov, nasdaq.com, datacenterdynamics.com, finance.yahoo.com
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
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