Digital Realty filed a 1GW Indiana campus as Bernstein says only 35% of announced US capacity gets built
The $64 billion REIT just filed a 1GW campus in Kokomo, its third giant land bet at once, while Bernstein's 'bragawatts' study and an October 29 earnings print test whether announced campuses ever become signed leases.
Vincent Jiang · 2 min read
Digital Realty−3.58% — Digital Realty, down 3.58 percent today, the $64 billion data center landlord, picked Kokomo, Indiana this week as its newest gigawatt bet: three buildings, 476 acres, roughly 1GW of IT capacity and 3 million square feet, complete by 2033, drawing 1.5GW from Duke Energy+3.21% — Duke Energy, up 3.21 percent today at an estimated $1.4 billion to $1.7 billion 1. It is the third giant campus on its desk at once, and the market is asking the same question at all three: does announced land become signed leases?
The landlord of the AI boom is filing campuses faster than tenants sign
In De Soto, Kansas, the company has pledged $20 million, up to $1,000 a year per household for ten years, to win support for a campus where phase one alone is 280 acres and nine buildings 2. Details with the city are not final, and neighbors have petitioned against it 2.
In Forest Park, Georgia, Hunterbrook reported that crews on its $3 billion campus on a $120 million former Army dump unearthed combustible white phosphorus in December 2025, five 30-gallon drums removed, with remediation tagged above $100 million 3. Kokomo, by contrast, comes with no tax abatement sought, but a residents' group notes its noise and water commitments are voluntary 1.
Bernstein scores Digital Realty a top-credibility builder, unlike the bragawatts
Data
| Value | |
|---|---|
| Digital Realty | 5 / 5 |
| Joule Capital | 2.05 / 5 |
| Vermaland | 0.75 / 5 |
| O'Leary Digital | 0.35 / 5 |
The receipts arrive Thursday
Bernstein's "bragawatts" study gives the counterweight: only about 35% of roughly 500GW of announced US capacity is likely to be built, yet it scores Digital Realty at the top of its credibility table, alongside Amazon−4.45% — Amazon, down 4.45 percent today and Google 4. That matters because shareholders are funding the build ahead of leases: EUR 1 billion of new 5.125% notes due 2036 5, a Q2 revenue beat at $1.92 billion, up 28.9%, beside an EPS miss at $1.21 against $1.98 expected, and a dividend payout ratio near 237% 6.
Revenue growth accelerated through 2026, hitting 28.9% year over year in Q2
Data
| Revenue | |
|---|---|
| Q3 '24 | $1.43B |
| Q4 '24 | $1.44B |
| Q1 '25 | $1.41B |
| Q2 '25 | $1.49B |
| Q3 '25 | $1.58B |
| Q4 '25 | $1.64B |
| Q1 '26 | $1.64B |
| Q2 '26 | $1.92B |
Q3 lands after the close on October 29, with analysts at $0.527 EPS on $1.75 billion 6. The print, not the press release, tells whether Kokomo, De Soto and Forest Park convert. Watch the backlog.
Get Data Center by email, free
Who is building AI's data centers, and who is paying for them. In our daily email, every weekday.
