Q4 2026 Data Center Activity Report: Where the Pipeline Is Building
Capital is no longer what holds data center projects back. The four largest hyperscalers now guide to roughly $720 to $740 billion in combined 2026 capex, and new project announcements are still accelerating: 819 through October, already above the 764 announced in all of 2025. Power interconnection and local approval now decide which projects move forward.
LandGate’s Q4 2026 Data Center Activity Report tracks 6,561 data center projects nationwide, 3,045 of which are still in pre-operational development. Nearly as many projects are in development as are operating today.
Development is concentrated in a handful of states. Counting active and in-development projects, Texas leads with 804, followed by Virginia (758), California (402), Georgia (397), and Ohio (304). The status mix tells a different story than the totals. California and New York are dominated by facilities already operating, while Georgia, Pennsylvania, Arizona, and Indiana carry far more projects in development than in operation. Those are the markets where the next wave of capacity is being decided, and where power, zoning, and community sentiment will matter most.
What’s in the full report
The full report goes beyond state counts with additional LandGate data and analysis, including:
Data center counts by grid region and status, showing the five regions where the development pipeline now exceeds the operating base
The top 10 operators by project count and status, from Amazon’s planning-heavy portfolio to largely operational players like Lumen and Equinix
A national map of 400+ moratorium instruments across 42 states, by status
Substation and transmission density around Loudoun County, Virginia, the world’s largest data center market
2026 capex guidance by hyperscaler, ERCOT large-load interconnection trends, and the financing structures carrying the buildout
Download the full Q4 2026 Data Center Activity Report to see the complete data set and understand where viable sites remain before committing capital.
