The race among hyperscalers to secure data-center capacity is driving leased volumes to record levels, with third-party operators expected to play an increasingly important role in future infrastructure deployment, according to Jefferies analysts Jonathan Petersen, Brent Thill, Matthew Roberts and Jan Aygul.
North American non-commenced leases reached 25.5 GW in the second quarter of 2026, up 32% quarter over quarter and 346% year over year, Jefferies said in its report, “Race for Capacity is Driving Leased Volumes to Record Levels.”
