SynMax Research:
SynMax Vulcan is currently monitoring over 680 locations and tracking more than 2,600 data center projects on a weekly basis via satellite and thermal drones. This is the only platform providing weekly updated analysis and research based on ground-truth observations.
While a "bubble" is brewing, it is not necessarily the type that pops and never recovers. The primary challenge for the data center sector is successfully securing the specific mix of power, fiber, water, workforce, and funding. Many projects promise this complete suite but are finding themselves missing key elements, leading to inevitable delays.
As noted in our previous article: “There is a growing concern that 2027 'online' dates are being used as strategic placeholders rather than realistic targets. Setting a 2027 timeline allows companies to signal leadership in AI development while avoiding near-term accountability. In reality, many of these sites have not yet begun land clearing.”
The chart below offers a holistic view of the current landscape. A massive volume of projects is slated for the 2027–2028 timeline. The 2027 targets are particularly concerning given the level of inactivity at many of these sites: 79% remain in "None" status, meaning not even preliminary land clearing has been observed.
In each of the next two years, expectations for new builds are set to more than double the capacity currently being projected in 2026. However, 2026 itself is unlikely to achieve its build targets, with current projections suggesting it will fall at least 4 GW short of its 22.6 GW target.
We must eventually see the "None" status share of the pie drop; otherwise, we are looking at a burst bubble. We expect this will lead to a consolidation of projects and owners. A massive reallocation of equipment and manpower is required to move projects at the pace necessary to hit these online targets. The Vulcan platform provides the unique insight needed to see these shifts before they are known by the masses.
Stay on the cutting edge of infrastructure knowledge—from data centers to power generation. To schedule a demo, contact our Product Lead: David Bellman dbellman@synmax.com
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