2026 ANNUAL REPORT
State of the Digital Infrastructure Industry
Global capacity tripled in three years. New opportunities. New challenges.
The Data Infrastructure Industry Is Entering Its Most Constrained Growth Cycle Yet.
Growth is no longer dictated by demand alone. Capital is flowing, but deployment is colliding with permitting delays, power constraints, workforce shortages and geopolitical fragmentation.
This “State of the Digital Infrastructure Industry” report reframes the opportunity: not just where to invest, but where execution risk is rising and why.
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Global Capacity Breakdown
Active
Under Construction
In the Development Pipeline
The industry is entering a $3–7 trillion AI-driven supercycle.
Capital is committed, and demand is established. But the conditions for scale have changed.
As the cycle shifts into physical buildout, the constraint has moved. Expansion is now defined by delivery, not demand.
What are industry leaders thinking and doing?
One Ecosystem. Five Pressures.
POWER
Grid expansion is unable to keep pace with AI demand. Time to power is now the constraint defining delivery.
PEOPLE
Workforce demand is outpacing infrastructure scale, with skilled labor emerging as a limiting factor in delivery.
PLANET
Energy and water are defining constraints on infrastructure growth, despite industry efforts to reduce its carbon footprint.
PUSHBACK
Community pushback is emerging as a material constraint on deployment.
POLICY
Policy determines infrastructure delivery speed.