TD Cowen says data-center leasing hit 9.6 GW in Q2, with a 12.5 GW pipeline

firstadopter · x · 2026-07-21

TD Cowen says Q2 set a new data-center leasing record, with roughly 9.6 GW leased in 2Q26 and a record 12.5 GW leasing pipeline.

The note attributes demand to three forces: OpenAI reportedly upsizing its roadmap to 30 GW by 2030, Anthropic adding about 1 GW of international requirements, and Meta’s leasing continuing without slowdown. The broader signal is that hyperscaler and frontier-lab demand is still pushing the data-center market to new highs.

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