{"comps":{"land":[],"powered_shell":[]},"hero":{"composite_score":null,"computed_at":"2026-10-27T08:30:25.636871+00:00","constraint_score":59.1,"excess_power":55.7,"iso":"ERCOT","lat":29.45,"lng":-98.69,"name":"San Antonio","queue_wait_months":null,"slug":"san-antonio","state":"TX","time_to_power_mo":35.4,"time_to_power_months":35.4,"verdict":"CAUTION"},"is_pro":true,"kpis":{"facility_count":82,"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":13,"operational_mw":897.0,"pipeline_mw":0.0,"queue_months":null,"top_operator":{"facility_count":12,"name":"Microsoft"},"total_mw":1797.0,"unverified_included":true,"vacancy_pct":null},"live_as_of":{"age_hours":0.2,"iso":"2026-10-27T08:30:25.636871+00:00"},"ma":[],"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":12,"operator":"Microsoft","ranked_by":"facility_count","total_mw":750.0},{"facility_count":9,"operator":"CyrusOne","ranked_by":"facility_count","total_mw":57.0},{"facility_count":4,"operator":"Vantage Data Centers","ranked_by":"facility_count","total_mw":0.0},{"facility_count":3,"operator":"H5 Data Centers","ranked_by":"facility_count","total_mw":75.0},{"facility_count":2,"operator":"Amazon Web Services","ranked_by":"facility_count","total_mw":0.0}],"outlook":{"generated_at":"2026-10-26T09:31:21.147140+00:00","narrative_md":"San Antonio's data center market comprises 82 tracked facilities spanning 1,797 MW across operational, under-construction, and planned assets. Microsoft leads the operator landscape with 12 facilities, followed by CyrusOne with 9 and Vantage Data Centers with 4. The market has attracted sufficient capital to sustain active development, with Texas Research Park emerging as a regional hub for colocation and enterprise infrastructure.\n\nThe CAUTION verdict reflects a market in tension between growth momentum and infrastructural headroom. With an excess-power score of 55/100, San Antonio retains meaningful capacity buffer\u2014the market is neither oversupplied nor critically constrained. However, the constraint score of 59/100 signals that power delivery and transmission infrastructure are tightening relative to pipeline demand. For acquisition-focused investors, this configuration suggests selective opportunity: entry points exist for buyers with near-term operational targets, but large-scale portfolio accumulation carries elevated execution risk if power augmentation lags development timelines. Operators already entrenched\u2014particularly Microsoft's 12-facility footprint\u2014benefit from grandfathered interconnection rights and established utility relationships that newer entrants may lack.\n\nDeal flow into San Antonio has stalled at the tracked level, with no recent M&A recorded. This absence is material: it signals either saturation among existing operator portfolios, hesitation among acquisition-focused funds awaiting power infrastructure clarity, or both. The operator concentration favors incumbents; Microsoft and CyrusOne control 21 of 82 facilities, reducing available assets for secondary acquisition. Smaller operators like Vantage with 4 facilities remain potential targets, but the dry deal environment suggests pricing expectations or power availability concerns are misaligned between buyers and sellers.\n\nForward momentum depends on whether municipal and utility-scale power investments outpace the 1,797 MW pipeline; if not, the constraint score will likely drift higher, converting CAUTION into AVOID for new entrants.","rationale":null,"verdict":"CAUTION","word_count":279},"pipeline":[],"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":"2026-10-27T08:30:25.636871+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":35.4},"redirect_to":null,"requested":"san-antonio","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":"san-antonio","tier":"FREE"}