Hyperscale pipeline tops 38GW
The North American hyperscale pipeline has passed 38GW in announced and active development, according to DIJASOFT tracking. Northern Virginia remains the largest market by volume. Phoenix and Columbus are closing the gap in net-new MW announced over the last 12 months.
Power is the constraint
For greenfield campuses over 100MW, interconnection queues in PJM and ERCOT now average 42–54 months. Operators gaining an advantage secured substation capacity 24–36 months before construction began.
What this means for underwriting
Land without energization letters is repricing quickly. DIJASOFT’s model now applies a 35% probability haircut to unenergized pipeline until a utility commitment date is documented.