2025 reshaped everything we thought we understood about data center growth.

AI demand outpaced every forecast.
Transmission queues hit historic highs.
Long-lead equipment became the new critical path.
And the industry entered what is effectively a multi-year, global race for power.

But the real story — and the one that will define 2026 — is visible in the data.

These seven charts explain the next phase of the build-out, the risks operators aren’t pricing in yet, and the opportunities emerging for those who can execute under constraint.

Let’s begin.

1. The AI Power Curve: AI Demand vs. Grid Expansion Capacity

A widening gap is emerging between the power AI workloads require and the grid’s ability to deliver it.

This chart makes the divergence impossible to ignore:
AI demand rising exponentially; grid capacity expanding linearly.

If this gap persists, the next constraint isn’t GPUs — it’s electrons.

2. Transformer Lead Times Are at a Four-Decade High

Transformer and switchgear lead times have quietly become one of the defining constraints in the modern data center.

From sub-50 weeks to 90+ weeks in less than three years, long-lead equipment timelines have turned sequencing into a primary execution risk.

This is the hidden bottleneck shaping 2026 project schedules.

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