## Highlights Blackstone acquired 2,000 MW of data center capacity from Google on September 10, marking the largest megawatt-disclosed transaction recorded this quarter. The deal was one of three hyperscale transactions totaling $3.02 bill
## Highlights
Blackstone acquired 2,000 MW of data center capacity from Google on September 10, marking the largest megawatt-disclosed transaction recorded this quarter. The deal was one of three hyperscale transactions totaling $3.02 billion and 2,012 MW to close within 48 hours, signaling capital is aggressively repricing power-ready inventory ahead of multi-year greenfield timelines.
Google simultaneously committed $1.9 billion in a separate undisclosed-capacity deal on September 9, while Anthropic deployed $120 million for unspecified infrastructure. Ares closed a smaller 12 MW acquisition the same day. The clustering of high-dollar, high-MW deals in a 48-hour window reflects tightening availability of energized sites—particularly in constrained ISOs where queue backlogs now exceed three years.
## What It Means
The Blackstone-Google transaction marks a shift from development capital to acquisition capital. With ERCOT's interconnection queue holding 438 GW and similar backlogs across PJM and MISO, buyers are paying premiums for sites with existing utility agreements and substation access. The 2,000 MW figure—roughly equivalent to 25-30 hyperscale facilities—represents the largest single-asset or portfolio transfer tracked by DC Hub this year.
For site selectors, the implication is clear: markets with excess grid headroom (Midland-Odessa at 85.7, SPP markets averaging 73.6) now command valuation multiples that reflect not just land and power costs, but the option value of near-term energization. Greenfield projects in queue-constrained regions are losing competitive position to operating or shovel-ready assets in looser grids.
## Methodology
DC Hub tracks 4,000+ M&A transactions with disclosed or estimated MW, dollar values, and counterparties across 280+ markets. Data is refreshed daily and cross-referenced with ISO queue filings, utility records, and facility-level power contracts.
**Source:** DC Hub Data Center Power Index (https://dchub.cloud/dcpi). Updated daily.
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