## Google Closes $1.9B Data Center Transaction—Largest Disclosed Deal This Week Google completed a **$1.9 billion data center transaction** on September 9, the largest disclosed deal in the tracker this week and among the top five 2026 tra
## Google Closes $1.9B Data Center Transaction—Largest Disclosed Deal This Week
Google completed a **$1.9 billion data center transaction** on September 9, the largest disclosed deal in the tracker this week and among the top five 2026 transactions year-to-date. The transaction comes as capital continues to reprice power-rich sites: deals of this scale historically clustered in Northern Virginia and the Bay Area, but 2026 M&A is increasingly concentrated in markets with excess-power scores above 70.
## What It Means for Site Selection
The comparable-market set matters. Google's portfolio includes existing positions in Kansas City (73.6 excess power, SPP) and Oklahoma City (77.0 excess, SPP). In contrast, legacy Tier-One markets now command constraint premiums: Northern Virginia sits at 42.1 excess power, Phoenix at 38.5. A $1.9B transaction in a constrained market would have implied a 15-20% time-to-power discount two years ago; today, buyers are underwriting multi-year energization risk into the purchase price.
The second-order read: watch for follow-on capital deployment in SPP and ERCOT West Texas (Midland–Odessa at 85.7 excess). If a hyperscaler is willing to transact at this scale, the next wave of debt and equity is already modeling those markets as the next build cycle. The window for acquiring optioned land in high-excess geographies is narrowing—developers who moved 18 months ago are now sitting on the comps that justify today's multiples.
## Methodology
Excess Power is a 0–100 index that weights generation capacity, queued capacity, historical load growth, and transmission adequacy. Markets above 70 represent multi-gigawatt headroom; markets below 40 face energization delays measured in years.
Source: DC Hub M&A tracker (https://dchub.cloud/transactions), updated daily with disclosed transactions across 4,000+ deals. DCPI market scores refresh daily at 06:00 UTC.
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