Major US CSPs expand data centers via both build and lease, as construction lags demand, ushering in a dual-track era.

Key Highlights

• Overall: capacity surges, leases hit highs, build lags demand.
• AWS: leads in scale, keeps leasing restrained.
• Microsoft: build and lease accelerate, largest lease jump.
• Google/Meta: high self-build, leases surge off low base.
• Oracle: near-zero build, extreme lease-heavy, asset-light.

Table of Contents

1. Introduction
2. AWS Boasts the Deepest Self-Built Data Center Footprint, with Total Capacity Set to Keep Expanding in 2026 and Relatively Restrained Lease Commitments
   • AWS's Physical In-Service Capacity and Not-Yet-Commenced Lease Commitments
3. Microsoft Aggressively Scales Both Self-Builds and Leases, with Lease Commitments Surging in a Single Fiscal Year
   • Microsoft's Physical In-Service Capacity and Not-Yet-Commenced Lease Commitments
4. Google Holds the Highest Proportion of Self-Built Infrastructure Among the Top Five North American CSPs; 2Q26 Lease Commitments Expand Substantially Compared to 2023
   • Google's Physical In-Service Capacity and Not-Yet-Commenced Lease Commitments
5. Meta Grows Strongly YoY in Demand for Establishment of Data Centers in 2026; Advancement towards Both Self-Builds and Rentals
   • Meta's Physical In-Service Capacity and Not-Yet-Commenced Lease Commitments
6. Oracle Close to Zero in Self-Built Data Centers; Heavyweight Lease Commitments to the Stargate Project Mark an Extreme Asset-Light, Contract-Heavy Model
   • Oracle's Physical In-Service Capacity and Not-Yet-Commenced Lease Commitments

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