- Hyperscalers leased 7.4GW of US data center capacity in Q3 2025, surpassing the total 7GW leased during all of 2024, according to TD Cowen.
- Oracle led Q3 activity with 5.4GW of leasing, largely to support OpenAI through its Stargate joint venture, securing sites in multiple states.
- Other major leasers include Google (600MW), Fluidstack (for Anthropic), Amazon (300MW), and Meta (200MW) — reflecting widening demand beyond traditional cloud giants.
- Cumulative leasing in 2025 now stands at 11.3GW, with an additional 10.2GW in the pipeline for Q4, highlighting an unprecedented build-out of AI infrastructure.
Q3 Sets A New High-Water Mark
Hyperscaler demand for data center infrastructure hit a historic peak last quarter, with 7.4 gigawatts of leasing recorded — more than all of 2024 combined. TD Cowen calls it “The Great Acceleration,” marking the most dramatic inflection point in data center demand to date, reports Bisnow.
This brings 2025’s total leasing to 11.3GW, up from just 5GW in 2023 — when the race to build AI-ready capacity first began in earnest.
Oracle Dominates Leasing Activity
At the forefront is Oracle, which secured 5.4GW of new capacity in Q3 alone. Much of that is allocated to its joint venture with OpenAI, Stargate, which is rolling out hyperscale data center sites across Texas, New Mexico, Missouri, and Wisconsin.
Oracle’s aggressive expansion signals a deepening commitment to AI infrastructure and a willingness to compete head-on with cloud incumbents like AWS, Google, and Microsoft.
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More Players Join The AI Infrastructure Race
Oracle wasn’t alone in making big moves. Google came in second, leasing approximately 600MW during the quarter. Meanwhile, Fluidstack, a GPU-focused neocloud provider powering Anthropic, made a notable appearance in third place. This highlights the growing influence of AI-native companies in data center leasing.
Amazon and Meta followed with 300MW and 200MW, respectively, continuing their long-term infrastructure expansion strategies.
Looking Ahead: A Massive Pipeline
The report also points to another 10.2GW of data center deals in the US pipeline, suggesting that leasing momentum will remain strong into Q4 and beyond. This rapid build-out is largely driven by the resource demands of generative AI, cloud services, and next-gen computing applications.
Why It Matters
With leasing activity more than doubling year over year, AI infrastructure is reshaping the data center industry at record speed. Hyperscalers are not just expanding. They’re redefining the scale and speed at which digital infrastructure is developed. This shift is leaving a lasting impact on everything from real estate to energy demand.
TD Cowen’s findings make it clear: the AI-fueled data center boom is not slowing down anytime soon.
