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

−22.2%

% in uptrend

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	$965.8	+1.12%	−4.2%	−6.2%	+28.0%	−13.0%	2026-10-28
DLR Digital Realty	Powered shells and hyperscale campuses	NYSE US	$173.1	+0.41%	−3.1%	−9.8%	+14.2%	−14.0%	2026-10-29
IREN IREN	Power-secured campuses pivoting to AI cloud	NASDAQ Australia/US	$26.29	+5.54%	−40.4%	−22.5%	−30.4%	−65.6%	2026-11-05
APLD Applied Digital	High-density AI campuses	NASDAQ US	$18.34	+0.52%	−30.1%	−31.1%	−25.2%	−63.0%	2027-01-06
CORZ Core Scientific	Power-rich sites converted to AI hosting	NASDAQ US	$13.79	+5.27%	−20.5%	−33.5%	−5.3%	−52.7%	2026-11-05
CRWV CoreWeave	GPU cloud; large consumer of powered shells	NASDAQ US	$56.97	+5.03%	−35.0%	−15.4%	−20.4%	−59.3%	2026-11-11

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