A 2025 TD Cowen report found that leading cloud computing providers leased more than 7.4 gigawatts of U.S. data center energy capacity in the third fiscal quarter of 2025, exceeding the total leased capacity for all of 2024.
September 30, 2025
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Quarterly leased data center energy capacity reported by TD Cowen showing rapid year-over-year growth in capacity leased by cloud providers.
A 2025 TD Cowen report ranked Oracle as the cloud provider securing the most U.S. data center capacity in the third fiscal quarter of 2025, followed by Google and Fluidstack, ahead of Meta, Amazon, CoreWeave, and Microsoft.
September 30, 2025
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Ranking of cloud and infrastructure providers by amount of U.S. data center capacity leased in Q3 2025.