US / Global · Power & Cooling

Data Center Land & Buildings

Powered land, permits and local consent decide when megawatts become racks. Power access now matters more than steel and concrete.

Land→Power→Shell→Tenant

Tightness score ⓘ

#27 of 56

■ Stable

Supply concentration2

Lead time4

Capex intensity5

Geopolitical exposure2

Pricing power4

Lead time

18–36 mo

Theme 1M

−7.7%

% in uptrend

33%

Metric to watch

Vacancy in key metros, powered-shell pricing, and project cancellations from local opposition.

What would prove us wrong

Weakens if vacant powered capacity appears in key metros with falling rents.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
EQIX Equinix	Global interconnection and colocation	NASDAQ US	$1,072.8	+0.44%	+7.7%	−2.2%	+42.1%	−3.4%	2026-10-28
DLR Digital Realty	Powered shells and hyperscale campuses	NYSE US	$183.5	+1.29%	+6.6%	−7.7%	+21.0%	−8.8%	2026-10-29
IREN IREN	Power-secured campuses pivoting to AI cloud	NASDAQ Australia/US	$19.48	−6.53%	−36.3%	−55.8%	−48.4%	−71.3%	2027-02-04
APLD Applied Digital	High-density AI campuses	NASDAQ US	$16.95	−5.36%	−16.6%	−45.7%	−30.9%	−65.9%	2027-01-06
CORZ Core Scientific	Power-rich sites converted to AI hosting	NASDAQ US	$14.38	−1.30%	+6.4%	−28.7%	−1.2%	−50.7%	2026-11-05
CRWV CoreWeave	GPU cloud; large consumer of powered shells	NASDAQ US	$56.60	−6.86%	−14.0%	−46.2%	−21.0%	−59.0%	2026-11-10

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