## Hyperscaler Capital Concentration Google closed two deals totaling $2.9B across September 8-9, according to DC Hub transaction records—a $1.9B purchase on September 9 and a $1.0B MW commitment the day prior. Combined with Oracle's $1.0B
## Hyperscaler Capital Concentration
Google closed two deals totaling $2.9B across September 8-9, according to DC Hub transaction records—a $1.9B purchase on September 9 and a $1.0B MW commitment the day prior. Combined with Oracle's $1.0B and Vantage's $11.4M, the four-day period represents $2.93B in disclosed capital, 76% of it from two hyperscalers.
**The pattern:** Large capital is moving toward existing grid connections and pre-permitted sites, not greenfield speculation. The median time-to-energization for new interconnection requests now exceeds 24 months in ERCOT and PJM; buying into live or near-live capacity collapses that timeline to quarters, not years.
## Grid Headroom Still Defines Tier Structure
While capital chases speed, the DCPI excess-power index continues to show a 27-point median spread between SPP (73.6) and PJM (46.0). Kansas City, Tulsa, and Oklahoma City—three SPP markets in today's top-eight—offer 73-77 excess scores with sub-50 constraint ratings. That combination (deep power + low grid friction) is what drives pre-development M&A: buyers pay to avoid the queue.
**Methodology note:** DC Hub tracks 4,000+ M&A events with disclosed or inferred valuations, updated daily. Transaction data feeds the same grid-adjacency model that powers the DCPI.
Source: DC Hub Data Center Power Index (https://dchub.cloud/dcpi). Updated daily.
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