Bernstein: hyperscalers hold 42% of the credible US data center pipeline
Hyperscalers now control 42% of America's credible data center pipeline, with Google, Amazon and Meta leading the expansion as local opposition causes a record 51.7 GW of capacity to be deferred or shelved.
The US data center project pipeline reached 456 GW in September 2026, a 13% increase from the previous month, according to Bernstein's October 11 report. Hyperscalers account for 42% of this credible pipeline, with Google, Amazon and Meta collectively representing approximately 80% of hyperscaler capacity under construction.
Capacity actually under construction rose to 79.9 GW, up 7 GW month over month. Google added 3.9 GW, Amazon added 3.8 GW, and Meta added 2.4 GW to the pipeline during this period.
Growing Opposition
A record 51.7 GW of capacity is now deferred or shelved, equal to 11% of the total pipeline. Bernstein attributes this backlog to mounting local opposition and regulatory friction, with 27 US states considering or implementing restrictions on new data centers.
Approval is no longer a formality
Power Constraints
Power availability has overtaken capital as the primary constraint on data center growth, with grid interconnection queues and permitting timelines presenting additional obstacles. Only 35-40% of globally announced data center capacity is projected to be realized due to construction delays and rising costs.
Hyperscalers are increasingly favoring larger, self-built campuses, while colocation providers concentrate on densifying existing sites and developing smaller edge locations. Bernstein reiterated its Outperform rating on the electrical equipment sector, highlighting Eaton, Hubbell and Quanta Services.
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