September 2026 in data centers.

Hyperscaler procurement drove September's 144 transactions—a 5.9% month-over-month increase—but deal value collapsed 39% to $77.6B despite 59,845 MW of capacity changing hands. Anthropic's single $35B commitment on September 1st accounted for 45% of total deal value, masking a sharp pullback in secondary M&A: excluding that one transaction, deal value halved to $42.6B. Equinix acquired 10,000 MW from KKR for $10B, while Amazon closed an $8B tranche on September 21st. Geographically, the month belonged to greenfield and frontier markets. Richland Parish and the "One" facility each added 5,000 MW, while Las Cruces entered the top five with 4,500 MW of new capacity. Ashburn, despite holding 161 facilities, contributed only 4,296 MW—a signal that core markets are facing power and land constraints. The 3,028 facilities added in September brought the global installed base to 24,542 facilities spanning 1.86 TW.

This divergence between deal flow velocity and deal value signals a structural shift toward megaproject procurement and away from portfolio accumulation. Anthropic's nine-figure bet and Amazon's continued ramp suggest AI-model training is consolidating around fewer, larger facilities in power-rich regions rather than distributed across established hubs. Over the next two quarters, expect continued pressure on secondary M&A multiples as hyperscalers prioritize long-term power contracts and land optionality in frontier markets over acquiring operational capacity. The 10.2% decline in AI-tool call volume month-over-month, however, hints at slowing exploration activity—a leading indicator that capex cycles may cool heading into Q4 2026. Investors should monitor Ashburn and similar constrained metros for acceleration in power-infrastructure buildout; if queue depth does not improve materially by November, we expect a secondary wave of site diversification away from traditional hubs.