CloudInfrastructure

Hyperscale Data Center Leasing Shatters Records in Q3 2025, Fueled by AI Demand Surge

A massive surge in data center leasing by hyperscale companies marked the third quarter of 2025, with a single quarter’s activity eclipsing the entire previous year. According to an analysis from TD Cowen, this represents the largest demand inflection in the industry’s history, largely propelled by the needs of artificial intelligence workloads.

Unprecedented Leasing Activity

The demand for data center capacity in the United States reached a historic peak in the third quarter of 2025, according to reports from financial services firm TD Cowen. Analysts suggest that more capacity was leased by hyperscale data center users in Q3 alone than in the entirety of 2024. The report states that a record 7.4 gigawatts (GW) of power capacity was leased in this single quarter, bringing the cumulative total for 2025 to approximately 11.3GW. This marks a significant 4GW increase compared to the 7GW leased throughout the whole of 2024.