{"comps":{"land":[],"powered_shell":[]},"hero":{"composite_score":null,"computed_at":"2026-10-27T08:31:13.739251+00:00","constraint_score":51.9,"excess_power":56.6,"iso":"ERCOT","lat":32.91,"lng":-97.26,"name":"Fort Worth","queue_wait_months":null,"slug":"fort-worth","state":"TX","time_to_power_mo":32.4,"time_to_power_months":32.4,"verdict":"CAUTION"},"is_pro":true,"kpis":{"facility_count":21,"headline_basis":"every facility listing DC Hub tracks in this market (operational, under construction, planned and announced; verified and unverified listings included), deduplicated by name + operator across the facilities and discovered_facilities tables. MW is summed over the listings that report capacity (mw_reporting_count of facility_count), so read it as a floor.","lease_rate":null,"mw_reporting_count":1,"operational_mw":1834.0,"pipeline_mw":1624.0,"queue_months":null,"top_operator":{"facility_count":2,"name":"QTS Realty"},"total_mw":80.0,"unverified_included":true,"vacancy_pct":null},"live_as_of":{"age_hours":0.2,"iso":"2026-10-27T08:31:13.739251+00:00"},"ma":[{"buyer":"Stack","date":"2026-10-19","mw":null,"seller":null,"type":"New Build","value":540.0,"value_unit":"USD millions"},{"buyer":"Amazon","date":"2026-09-30","mw":null,"seller":null,"type":"New Build","value":430.0,"value_unit":"USD millions"},{"buyer":"QTS","date":"2026-08-19","mw":48.0,"seller":null,"type":"Power Agreement","value":null,"value_unit":"USD millions"},{"buyer":"Compass","date":"2026-06-05","mw":null,"seller":null,"type":"Equity","value":15.0,"value_unit":"USD millions"}],"ok":true,"open_access":"Open to every caller: this is one of the 20 largest US data-center markets by tracked capacity, and its full market briefing (grid, risk, time to power, scores) is free.","operators":[{"facility_count":2,"operator":"QTS Realty","ranked_by":"facility_count","total_mw":0.0},{"facility_count":2,"operator":"Meta","ranked_by":"facility_count","total_mw":0.0},{"facility_count":1,"operator":"Edged","ranked_by":"facility_count","total_mw":80.0},{"facility_count":1,"operator":"CITIGROUP TECHNOLOGY INC","ranked_by":"facility_count","total_mw":0.0},{"facility_count":1,"operator":"Cyxtera","ranked_by":"facility_count","total_mw":0.0}],"outlook":{"generated_at":"2026-10-25T09:50:51.805422+00:00","narrative_md":"# Fort Worth Data Center Market Analysis\n\nFort Worth's data center ecosystem remains nascent but structurally constrained. The market hosts 21 tracked facilities under five primary operators, with QTS Realty and Meta each operating two sites; a $10 billion campus development has secured revised site plan approval from city officials, signaling municipal appetite for large-scale expansion. Power availability, the sector's primary bottleneck, registers at 56/100 on the excess-power index\u2014below the safety threshold for unconstrained growth. Only one of the 21 tracked facilities publicly reports its megawatt capacity, underscoring the opacity typical of early-stage regional markets.\n\nThe DCPI verdict of CAUTION reflects genuine infrastructure risk rather than speculative overcapacity. A constraint score of 51/100 positions Fort Worth at the inflection point where demand outpaces grid headroom; operators cannot assume unlimited power hookup availability without negotiating directly with municipal utilities and transmission planners. For institutional buyers and build-to-suit developers, this means feasibility studies must front-load power procurement timelines and secure committed capacity before land acquisition or design finalization. The market rewards operators with existing utility relationships or sites pre-sited on secondary transmission corridors. Speculative development carries elevated permitting and timeline risk.\n\nDeal flow remains dormant in recorded M&A; no announced acquisitions or sales have closed in Fort Worth proper in the tracked period. The $10 billion campus announcement represents a greenfield development commitment rather than operator consolidation, suggesting capital is flowing toward new construction rather than portfolio aggregation. Meta's dual presence and QTS's two-site footprint indicate selective geographic positioning by tier-one operators, though neither has announced recent acquisitions in the submarket. Alpheus Communications, Centersquare, and smaller entrants occupy narrower niches, and the absence of recent deals hints at either patient capital deployment or capacity constraints limiting M&A velocity.\n\nFort Worth's regulatory environment\u2014approvals for the major campus, ongoing city evaluation of statewide audit implications, and competing interest in liquid-cooled facilities\u2014will determine whether the CAUTION verdict moderates or hardens through 2026.","rationale":null,"verdict":"CAUTION","word_count":317},"pipeline":[{"eta":null,"facility":"Yondr Lancaster (Dallas Campus)","operator":"Yondr Group","power_mw":550.0,"status":"Planned"},{"eta":null,"facility":"Anthropic Texas AI Campus","operator":"Anthropic / Fluidstack","power_mw":300.0,"status":"Planned"},{"eta":null,"facility":"Crow Holdings / CleanArc - Stemmons Corridor","operator":"Crow Holdings","power_mw":245.0,"status":"Planned"},{"eta":null,"facility":"PowerHouse Irving (Las Colinas)","operator":"PowerHouse Data Centers","power_mw":201.0,"status":"Under Construction"},{"eta":null,"facility":"CoreWeave Helios TX (Core Scientific)","operator":"CoreWeave","power_mw":200.0,"status":"Under Construction"},{"eta":null,"facility":"Edged Texas 1","operator":"Edged","power_mw":80.0,"status":"Under Construction"},{"eta":null,"facility":"QTS DFW-3","operator":"QTS","power_mw":48.0,"status":"Under Construction"},{"eta":null,"facility":"Arcadian Infracom Dallas PoP","operator":"Arcadian Infracom","power_mw":null,"status":"Planned"}],"power_grid":{"gen_additions_mw":19641.1,"interconnection_pending_mw":438873.93,"iso":"ERCOT","iso_queue":{"as_of":"2026-09-30","as_of_basis":"published_report","basis_note":"ERCOT's published active generation interconnection requests (ERCOT's own report: the GIS Summary or the Monthly Operational Overview, named in queued_generation_gw_source); separate from the large-load queue","iso":"ERCOT","queue_kind":"large_load","queued_generation_gw":453.8,"source_name":"ERCOT large-load queue (Senate presentation Jul 29 2026; June 19 LLWG) + generation queue (Sep 30 2026)","source_url":"https://www.ercot.com/files/docs/2026/06/18/June-19-LLWG-Report.pptx"},"queue_capacity_mw":458206.6,"queue_wait_months":null,"reserve_margin_pct":13.5,"time_to_power_as_of":"2026-10-27T08:31:13.739251+00:00","time_to_power_basis":"DCPI modelled months to energize a new large load in this market (method: https://dchub.cloud/dcpi/methodology); a model estimate, not a utility date","time_to_power_months":32.4},"redirect_to":null,"requested":"fort-worth","risk":{"drought_months_d2_plus":null,"errors":{"drought_months_d2_plus":"no_drought_source_ingested"},"water_band":3,"water_band_label":"Medium-High","water_category":"mean of 229 Aqueduct 4.0 baseline-annual basins (arid counted as","water_stress":55.9,"wildfire_seismic_note":null},"slug":"fort-worth","tier":"FREE"}