Data Center Market by Company
The physical layer of the AI boom: the landlords, power providers, equipment makers, and hardware vendors turning roughly $380B a year of hyperscaler capital into powered, cooled, connected capacity. This is not one industry but six value chains pulled by the same demand: colocation and REITs, power generation and gas supply, electrical gear, cooling, construction, and the servers and networking that fill the racks. The binding constraint has shifted from chips to electricity.
The Data Centers sector on Sterling tracks 43 companies, led by Equinix (52.1%), Digital Realty (34.4%), GDS Holdings (9%) by share of FY2025 data-center revenue across the four public colocation landlords tracked here.
Data Centers market share by company (2025)
| # | Company | Market share |
|---|---|---|
| 1 | EquinixEQIX Share of the four public colocation landlords tracked in this sector. FY2025 data-center revenue $9.26B. All revenue is colocation and interconnection across roughly 270 data centers in 30-plus countries. | 52.1% |
| 2 | FY2025 data-center revenue $6.11B. Wholesale and build-to-suit landlord across 300-plus data centers; large hyperscale deals increasingly sit in joint ventures and are not fully consolidated here. | 34.4% |
| 3 | GDS HoldingsGDS FY2025 data-center revenue $1.59B. China operations, RMB 11.43B converted at the 2025 average CNY/USD of 0.1392; the international business was deconsolidated as DayOne. | 9% |
| 4 | FY2025 data-center revenue $803M. Global Data Center segment only. The company's $6.90B FY2025 total is mostly records management and is deliberately excluded. | 4.5% |
Data Centers at a Glance
- •Combined capital spending of Microsoft, Amazon, Alphabet and Meta reached roughly $380B in 2025, up from about $240B in 2024, most of it data center capacity for AI (company filings and earnings guidance).
- •Data centers consumed about 415 TWh of electricity in 2024, around 1.5% of global demand. The IEA's 2030 cases span about 670 TWh (Headwinds) to more than 1,260 TWh (Lift-Off), with a Base Case of about 945 TWh (IEA, Energy and AI, 2025).
- •US data centers used 4.4% of national electricity in 2023; Berkeley Lab projects 6.7% to 12% by 2028, which is why power, not silicon, is now the binding constraint (LBNL 2024 US Data Center Energy Usage Report).
- •Scarcity is showing up in market prices: PJM capacity auctions cleared at the FERC cap of $269.92/MW-day for 2025/26, $329.17 for 2026/27, and $333.44 for 2027/28, versus $28.92 two auctions before the spike (PJM auction results).
- •Northern Virginia vacancy was 0.5% at year-end 2025. North America primary-market capacity under construction peaked at 6,350 MW at year-end 2024 and eased to 5,994 MW at year-end 2025 (CBRE North America Data Center Trends H2 2025).
- •Hyperscalers are locking up firm power directly: Microsoft's 20-year, 835 MW PPA to restart Three Mile Island Unit 1 now targets the second half of 2027, and Amazon anchored a nuclear-powered campus at Susquehanna (Constellation and Talen announcements).
- •The sector spans six value chains: colo and REITs, power and gas, electrical gear, cooling, construction, and IT hardware. This page tracks only companies where data centers are a disclosed primary driver, roughly 25 to 40 names rather than the 80+ that merely touch the theme.
The Data Center Value Chain
| Layer | Roster names |
|---|---|
| Colo and REITs | EQIX, DLR, IRM, GDS |
| Power | VST, CEG, NRG, TLN, GEV |
| Electrical gear | ETN, VRT, HUBB, NVT, POWL |
| Cooling | VRT, TT, MOD |
| Builders | PWR, EME, FIX, STRL |
| Compute | DELL, SMCI, STX, WDC |
| Networking | ANET, COHR, FN, CRDO, ALAB |
Big-Four Hyperscaler Capex
North America Under Construction
NVIDIA Data Center Revenue
Companies in the Data Centers sector (43)
- Equinix
- Digital Realty
- Iron Mountain
- GDS Holdings
- Vistra
- Constellation Energy
- NRG Energy
- Talen Energy
- GE Vernova
- EQT Corporation
- Eaton
- Schneider Electric
- ABB
- Hubbell
- nVent Electric
- Powell Industries
- Vertiv
- Trane Technologies
- Johnson Controls
- Carrier Global
- Modine Manufacturing
- EMCOR Group
- Comfort Systems USA
- Quanta Services
- Sterling Infrastructure
- Dell Technologies
- Supermicro
- Hewlett Packard Enterprise
- Western Digital
- Seagate Technology
- Pure Storage
- Arista Networks
- Coherent
- Lumentum
- Fabrinet
- Credo Technology
- Astera Labs
- Ciena
- Corning Inc.
- NetApp
- Amphenol
- Generac
- AES Corporation
Related industries
Frequently asked questions
What is the Data Centers sector?
The physical layer of the AI boom: the landlords, power providers, equipment makers, and hardware vendors turning roughly $380B a year of hyperscaler capital into powered, cooled, connected capacity. This is not one industry but six value chains pulled by the same demand: colocation and REITs, power generation and gas supply, electrical gear, cooling, construction, and the servers and networking that fill the racks. The binding constraint has shifted from chips to electricity.
Which companies lead the Data Centers sector?
Sterling tracks 43 companies in Data Centers, led by Equinix (52%), Digital Realty (34%), GDS Holdings (9%) and Iron Mountain (5%) by share of FY2025 data-center revenue across the four public colocation landlords tracked here.
How can I invest in the Data Centers sector?
Publicly traded names in Data Centers include Equinix (EQIX), Digital Realty (DLR), Iron Mountain (IRM), GDS Holdings (GDS) and Vistra (VST). Compare them side by side on Sterling. Data last updated August 25, 2026.
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