Market Report
US data center pipeline: Q4 2025
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Report summary
This report covers the pipeline of US data center projects with planning, permitting, construction, or commissioning activity between January 2023 and Q4 2025. The report is divided into four sections: 1) Planned and in-development project pipeline capacity, 2) project costs, including per-unit costs, 3) energy, including onsite generation and utility commitments, and 4) policy. Capacity and capex are broken out by state, developer, and utility.
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