Capital reprices power-rich assets as hyperscaler competition intensifies across ISOs with median 60+ DCPI excess scores
## Highlights
Ares closed an **$8.6 billion data-center transaction** on July 27, 2026—the largest disclosed deal in the tracker this week and 72% larger than Google's $1.0B close earlier in the month. The transaction arrives as capital reprices power-rich sites: markets with DCPI excess scores above 70 (Midland–Odessa at 85.7, Upper Peninsula Michigan at 73.5, Cheyenne at 72.5) are now drawing institutional bids that price in 18-36 month interconnection windows and grid headroom, not just location or fiber.
Meta separately acquired 172 MW from ADIA in a deal disclosed the same day, underscoring hyperscaler demand for sites with contracted power and near-term delivery. Nvidia closed two deals totaling $1.25B across the week.
## What It Means
The $8.6B figure sets a new benchmark for single-asset or portfolio transactions in the US data-center market. For developers and investors, the comp is clear: sites in markets with excess scores above 70 and sub-24-month interconnection queues are trading at a premium to constrained metros (London at 16.9 excess, Amsterdam at 21.7). The Ares transaction implies that power—not proximity—is now the primary pricing lever for institutional capital.
For site-selection teams, the second-order read is to model land and interconnection concurrently: a market with 70+ excess power but a 22-month queue (Cheyenne) prices differently than a market with 85+ excess and a 16-month queue (Midland–Odessa). The capital is already there; the question is whether your timeline aligns with the grid.
## Methodology
DC Hub tracks 4,000+ M&A transactions across 317 markets, seven ISOs, and 20,000+ facilities. The Data Center Power Index (DCPI) scores excess power and constraint risk daily, updated at market close. Recent deals include disclosed transaction values, MW capacity, and buyer/seller pairs reported in public filings and industry sources.
**Source:** DC Hub Transactions Tracker (https://dchub.cloud/transactions). Updated daily.
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