Digital Realty, Amazon, and Meta collectively locked 2,400 MW over the weekend, while Microsoft-Chevron inked a 2.67 GW gas-fired PPA in West Texas—signaling a shift from site selection to power procurement as the primary constraint.
## Highlights
Three hyperscalers and two REITs secured **at least 3,000 MW** of data-center power capacity between June 19–22, 2026, marking one of the highest-velocity procurement weekends on record. Digital Realty added **600 MW**, Amazon **600 MW**, and Meta **1,600 MW** across two transactions. DataBank locked **200 MW**, and Nvidia committed **$650 million** to an undisclosed capacity play. Separately, Microsoft and Chevron announced a 20-year natural-gas PPA for a proposed **2.67 GW** facility in West Texas (Project Kilby), expected online by 2028.
## What it means
Power—not land, not fiber—is now the anchor bid in every major transaction. The Microsoft-Chevron deal is the clearest signal yet: hyperscalers are vertically integrating into generation, bypassing utility queues entirely. For developers, this compresses time-to-revenue if you control or can syndicate generation rights. For existing facilities in constrained ISOs (PJM Dublin at 72.5 constraint, London at 71.8), the bid-ask spread just widened further; if you lack contracted power through 2028, you are effectively out of the hyperscale game.
The West Texas site also telegraphs a WECC/SPP pivot. Cheyenne, WY holds a 69.5 excess score, and Rural SPP (Kansas) sits at 67.2—both far above the ISO median. Microsoft's willingness to build a 2.67 GW plant in a non-Tier-1 market underscores that access to unencumbered power trumps metro fiber density for AI training workloads.
## Methodology
Deal data aggregated from DC Hub's live M&A tracker and public filings. Power Index scores reflect June 22, 2026 snapshot across 280+ markets.
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**Source:** DC Hub Data Center Power Index (https://dchub.cloud/dcpi). Updated daily.
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