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Market Brief · CAUTIONDCPI score pending · Live as of 88% live coverage · 7/8 sections
| Operator | Facility | Power | Status | ETA |
|---|---|---|---|---|
| Compass Datacenters | Compass Goodyear Campus (Phoenix) | 212 MW | Under Construction | Not tracked |
| Novva Data Centers | Novva Project Borealis Phase 1 | 96 MW | Under Construction | Not tracked |
| STACK Infrastructure | STACK Phoenix Campus | 80 MW | Under Construction | Not tracked |
| EdgeCore Digital Infrastructure | EdgeCore Mesa Campus PH02 | 72 MW | Under Construction | Not tracked |
| EdgeCore Digital Infrastructure | EdgeCore Mesa Campus PH03 | 72 MW | Under Construction | Not tracked |
| H5 Data Centers | H5 Chandler 2 | 50 MW | Under Construction | Not tracked |
| Novva Data Centers | Novva Phoenix | 30 MW | Under Construction | Not tracked |
| Thor Equities | Thor Phoenix 1 | 25 MW | Under Construction | Not tracked |
| Arcadian Infracom | Arcadian Infracom Phoenix PoP | Not tracked | Under Construction | Not tracked |
| Novva Data Centers | Novva Mesa Campus | Not tracked | Under Construction | Not tracked |
| Operator | Facilities | Total MW |
|---|---|---|
| CyrusOne | 12 | 210 MW |
| Aligned | 7 | 910 MW |
| Vantage Data Centers | 7 | 539 MW |
| Digital Realty | 7 | 0 MW |
| Microsoft | 5 | 450 MW |
| Date | Buyer | Seller | Value | MW |
|---|---|---|---|---|
| 2026-03-12 | RadiusDC | PhoenixNAP | Not tracked | Not tracked |
Phoenix's data center market spans 285 tracked facilities totaling 4,735 MW across operational, under-construction, and planned assets, positioning it as a mid-tier growth corridor constrained by power and grid capacity tensions. The top three operators—CyrusOne (12 facilities), Digital Realty (7), and Aligned (7)—control a meaningful share, though no single player dominates the fragmented landscape. Recent consolidation activity includes RadiusDC's acquisition of PhoenixNAP's Phoenix data center and colocation business, announced on March 12, 2026, signaling continued operator consolidation rather than greenfield competition.
The CAUTION verdict—rooted in an excess-power score of 58/100 and constraint score of 62/100—reflects structural headwinds that should temper expansion expectations. The constraint score in the low-60s range indicates meaningful friction in grid interconnection timelines, utility coordination, and municipal permitting. An excess-power reading of 58 suggests the market is neither starved nor saturated, but lacks the comfortable operational cushion seen in unrestricted markets. For acquisition-focused investors, this verdict signals that Phoenix capacity is tradeable at fair value, not at distressed premiums; greenfield deployment faces regulatory and infrastructure risks that lengthen capital recovery horizons.
Deal flow remains modest relative to market size. The RadiusDC-PhoenixNAP transaction represents the sole tracked M&A announcement in the current window and reflects a pattern of consolidation among mid-tier operators seeking to build contiguous footprints rather than aggressive inbound capital chasing new supply. Operator dynamics show stability within the top tier, with CyrusOne's 12-facility lead indicating established legacy presence. The absence of hyperscaler-led greenfield announcements in recent months, combined with cited municipal and state-level backlash around power and water consumption, suggests investor caution is warranted even where DCPI scores would nominally permit deployment.
Forward momentum hinges on resolution of permitting friction and utility capacity negotiations, as continued policy headwinds risk further delaying the pipeline of planned assets embedded in the 4,735 MW figure.