Highlights
- New data center announcements fell by half in Q4 2025.
- 241 GW announced; only a third is actually being built.
- Hyperscaler capex growth forecast to slow by half in 2026.
- Mid-Atlantic utilities have promised far more power than they have.
The US data center building boom slowed sharply in the fourth quarter of 2025, according to WoodMac data. New project announcements dropped by nearly half compared to the prior quarter, not because demand dried up but because getting a power connection has become nearly impossible. Developers are now focused on finishing projects already in the queue rather than starting new ones.
