20-year Kentucky facility deal is the largest disclosed this week; comparable power-constrained sites may see bid acceleration
## Stack–Anthropic $19B data-center lease sets new transaction benchmark
Stack Infrastructure and Anthropic closed a $19 billion, 20-year data-center lease this week — the largest disclosed transaction in the DC Hub tracker for this period. The deal, structured as a long-term capacity commitment rather than an asset purchase, signals that hyperscale AI tenants are now willing to pay multi-billion-dollar premiums for sites with **contracted power delivery** and multi-decade runway.
## What it means for site selection and capex
This deal establishes a new floor valuation for power-constrained markets. If a single facility in Kentucky can command $19B over 20 years, comparable sites in **PJM, MISO, and ERCOT** with similar multi-hundred-MW allocations will see renewed bid interest from both developers and balance-sheet buyers. The transaction also confirms that **time-to-power** — not just land or fiber — is now the primary driver of enterprise value in greenfield builds.
Second-order implication: markets with **excess-power indices above 65** (e.g. Cheyenne at 69.5, Rural SPP at 67.2) remain the build shortlist for 2026–2027, but operators holding **already-energized** capacity in constrained zones (Dublin at 22.4, London at 13.5) may see inbound M&A even at lower DCPI scores, purely on scarcity.
## Methodology
DC Hub tracks 2,000+ global data-center M&A deals, indexing transaction value, capacity (MW), buyer/seller, and deal structure. The **Data Center Power Index (DCPI)** scores 280+ markets on excess grid capacity (0–100) and interconnection constraint (0–100), updated daily.
Source: DC Hub Transactions Tracker (https://dchub.cloud/transactions). Updated daily.
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