Global dealmaking in the data centre sector climbed to a record level through November this year, fuelled by surging demand for computing capacity to support the rapid expansion of artificial intelligence.
According to S&P Global Market Intelligence, more than 100 data centre transactions were completed during the period, with total deal value approaching $61 billion.
Interest in data centres has intensified as technology giants and AI hyperscalers commit billions of dollars to expanding infrastructure. While AI-focused companies have driven much of the rally in U.S. equities this year, elevated valuations and debt-backed spending have raised questions about how quickly these investments can translate into profits.
Including mergers and acquisitions, asset disposals and equity investments, data centre transactions reached nearly $61 billion by the end of November, already exceeding the previous annual record of $60.81 billion set in 2024.
Since 2019, data centre deal activity has totalled around $160 billion in the United States and Canada, compared with almost $40 billion in the Asia-Pacific region and $24.2 billion in Europe.
S&P Global Market Intelligence said strong demand is being driven largely by financial sponsors attracted to the sector’s risk-return profile. Private equity firms remain keen buyers but are generally hesitant to sell, resulting in a limited supply of high-quality data centre assets on the market.
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