Greece Data Center Market Size, Share & Forecast to 2035

The Greece Data Center Market is valued at USD 650.36 million in 2026 and is projected to reach USD 7.97 billion by 2035, up from USD 286.38 million in 2025, a CAGR of 39.47% from 2025 to 2035 (DC Market Insights estimate). Greece entered 2026 with only about 21 operating data centers and 44 megawatts (MW) of installed capacity, 34.1 MW of it in Attica, according to a PwC siting study for the Ministry of Digital Governance reported by TA NEA in September 2026. Against that small base, investors have expressed interest in 1.4 to 2.2 gigawatts (GW), and about 330 MW in Attica already holds grid connection terms, so the market is set by how fast the Independent Power Transmission Operator (IPTO) can energise sites rather than by demand. DC Market Insights builds 2025 spend as 15.5 MW under construction (the average of 9 MW completed in 2025 and 22 MW in 2026) × USD 9.50 million of facility cost per MW, plus about 1.4 MW of new AI halls × USD 35 million of AI IT per MW, plus conventional IT refresh on the installed 44 MW, which gives USD 286.38 million. The Greece Data Center Market covers capital spend on IT infrastructure, power, cooling and construction inside Greek data centers; AI workloads grow fastest at 52.74% a year and Western Macedonia is the fastest region at 75.58% because the former lignite site at Agios Dimitrios in Kozani is planned for a 300 MW first phase.

Key Market Statistics: What Is the Greece Data Center Market Worth in 2026?

DC Market Insights values the Greece Data Center Market at USD 650.36 million in 2026, 127.1% above the USD 286.38 million of 2025, because Microsoft’s first company-owned 19.2 MW facility and the 12.5 MW first phase of the PPC and Edgnex site in Attica are fitted out this year.

• Market size 2025: USD 286.38 million (DC Market Insights estimate)
• Market size 2026: USD 650.36 million
• Market size 2030: USD 4.26 billion
• Market size 2035: USD 7.97 billion
• CAGR 2025-2035: 39.47% (low case USD 4.79 billion, high case USD 10.36 billion in 2035)
• Largest component: IT Infrastructure, USD 139.13 million or 48.6% of 2025 spend
• Fastest segment: AI Workloads, 52.74% a year to USD 6.25 billion by 2035
• Leading region: Attica, USD 219.08 million or 76.5% of 2025 spend
• Fastest region: Western Macedonia, 75.58% a year
• Largest hub: Spata, USD 63.00 million in 2025
• Market leaders by capacity: Digital Realty (Lamda Hellix) in colocation; Microsoft, Amazon Web Services (AWS) and Data4 in the new build wave

How Much Is Greece Spending on Data Centers, 2020-2035?

The Greece Data Center Market size was valued at USD 53.49 million in 2020, reached USD 286.38 million in 2025, and is anticipated to reach USD 7.97 billion by 2035, at a CAGR of 39.47% during the forecast period.

Attribute	Detail
Historical period	2020-2024
Base year	2025
Forecast period	2026-2035
Market size 2025	USD 286.38 million
Market size 2026	USD 650.36 million
CAGR 2025-2035	39.47%
Market size 2035	USD 7.97 billion
Unit	USD million, nominal

Spend grew 39.87% a year from 2020 to 2025 as installed capacity roughly doubled from about 20 MW to 44 MW, and the pace stays near 39.47% a year after 2025 because DC Market Insights expects 972 MW to be completed in 2026-2035, taking installed capacity to about 980 MW by 2035. DC Market Insights estimates that AI halls carry 31.6% of spend in 2025 and 78.4% by 2035.

What Counts as Greek Data Center Spend in This Market?

The Greece Data Center Market covers USD 286.38 million of 2025 capital spend on four layers inside Greek data centers: IT infrastructure (servers, storage, network), power (switchgear, uninterruptible power supply (UPS), generators), cooling and general construction.

Included

• IT hardware installed in Greek colocation, cloud, enterprise and government data centers, including AI accelerator servers
• Facility build cost per MW of new IT capacity: electrical, mechanical and shell works
• Refresh of AI hardware on the installed AI base (20% a year) and conventional IT spend on the installed conventional base

Excluded

• Land, IPTO and HEDNO (Hellenic Electricity Distribution Network Operator) grid reinforcement, electricity bills and the renewable plants that supply data centers
• Colocation rent and cloud service revenue, which are the return on this spend and are covered in the Greece Data Center Colocation Market report
• Submarine cable systems landing in Crete and Attica, and telecom networks outside the data hall

How the segments fit together

Every dimension sums to the same total: components (USD 139.13 million IT plus USD 147.25 million facility layers), workloads, data center types and end users each add up to USD 286.38 million in 2025. The facility layer alone is analysed in the Greece Data Center Infrastructure Market report, and storage hardware in the Greece Data Center Storage Market report.

Why Do Greece Data Center Market Estimates Differ?

Estimates for Greece differ because broader definitions add colocation revenue, telecom and electricity, while DC Market Insights counts only capital spend inside the halls, which is USD 650.36 million in 2026.

Earlier estimates, including the previous edition of this page at USD 1.43 billion for 2025, mixed colocation and cloud service revenue, network carriage and enterprise IT located outside data centers with build spend. Each is a real flow of money, but adding them to hardware and construction counts the same megawatt twice. A second gap is capacity: Greece had 44 MW installed in 2025, so a USD 1.43 billion capital market would imply about USD 32 million of yearly spend per installed MW, more than four times the Germany or Pakistan ratios in DC Market Insights models.

Element	In this report	Why
IT, power, cooling and construction spend	Yes, USD 286.38 million in 2025	Capital spend tied to MW built and installed
Colocation and cloud revenue	No	Return on the same assets
Electricity and renewable PPAs	No	Operating cost, not capital spend
Grid connection works by IPTO and HEDNO	No	Paid through network tariffs and guarantees
Submarine cables and landing stations	No	Telecom infrastructure outside the hall

Out of scope therefore are colocation revenue, cloud revenue, electricity purchase agreements, grid reinforcement and submarine cable landing stations. In scope are all buyer groups that own or lease halls in Greece, from hyperscale cloud providers to banks, shipping companies and small and medium-sized enterprises (SMEs) that buy racks in carrier-neutral sites.

Why Are Hyperscalers Building Data Centers in Greece Now?

Three Greek-specific moves drive the Greece Data Center Market’s 39.47% a year growth: a 300 MW AWS first phase in Kozani, Microsoft’s three-site Attica region and a grid queue that jumped from 5 GW to 9 GW in two months.

Agios Dimitrios in Kozani: 300 MW First Phase, Up to 1 GW

Public Power Corporation (PPC) and Amazon Web Services plan a 300 MW first phase on the site of the retired Agios Dimitrios lignite station, expandable to 1 GW, according to Deputy Prime Minister Kostis Hatzidakis in September 2026. PPC budgets an initial EUR 1.2 billion for the site, as TA NEA reported. DC Market Insights books the campus from 2028 onward, which lifts Western Macedonia to USD 1.59 billion of spend by 2035, 20.0% of the national total.

Microsoft’s Attica Cloud Region: Nearly EUR 1 Billion Across Spata and Koropi

Microsoft is investing nearly EUR 1 billion in three facilities in Spata and Koropi, with its first company-owned site rated at 19.2 MW under construction, according to the company’s Microsoft in Greece page and TA NEA. A single 19.2 MW hall is 44% of the whole 2025 national base, which is why the 2026 market more than doubles to USD 650.36 million.

Grid Queue: IPTO Requests Rise from 5 GW to 9 GW

Applications to IPTO for data center connections rose from 5 GW to 9 GW in two months during summer 2026, according to the Ministry of Environment and Energy bill reported in October 2026. Only 1.4 to 2.2 GW of that is judged firm in the PwC study for the Ministry of Digital Governance, and DC Market Insights models 972 MW of completions to 2035, below the lower end of that band.

Which Trends Are Moving Greek Data Center Builds Out of Central Athens?

Greece data center builds are moving out of central Athens to eastern Attica and former coal land, and AI halls are lifting average spend per MW from USD 9.50 million to over USD 40 million once IT is included.

Eastern Attica Becomes the Hyperscale Corridor

Spata, Koropi and Paiania now hold the three largest projects: Microsoft in Spata and Koropi, Data4’s EUR 300 million campus of up to 90 MW in Paiania (per the Data4 announcement of September 2024), and the 46 MW Dromeus Capital and Apto project in Spata. DC Market Insights estimates these three hubs hold 58.0% of 2025 spend.

Renewable-Matched Campuses on Lignite Land

The draft grid rules give connection priority to sites above 200 MW that source 80% of power from a nearby generator or six-hour storage, and require at least 60% renewable supply for every site. This favours Western Macedonia, which has about 630 MW of grid headroom through 2034 according to the PwC study, and shifts 20.0% of 2035 spend there.

Mediterranean Submarine Cable Connectivity and the Athens-Thessaloniki Corridor

Submarine cable connectivity is the second siting test after power: Mediterranean submarine cable systems landing in Crete and Attica, used by carriers such as Telecom Italia Sparkle, link Greek halls to Italy, Israel and the Middle East, while a terrestrial fiber connectivity network along the Athens-Thessaloniki corridor carries traffic north to the Balkans. DC Market Insights estimates that carrier-neutral halls with direct cable access hold about 55% of 2025 spend through colocation, where Interxion Digital Realty, as the group is known in much of Europe, is the largest operator.

What Slows Data Center Builds in Greece?

In the Greece Data Center Market, grid guarantees of EUR 200,000 per MW and Attica grid congestion are the two main limits that could hold 2035 spend near the low case of USD 4.79 billion.

EUR 200,000 per MW Connection Guarantees

The Ministry of Environment and Energy bill asks applicants for letters of guarantee of EUR 200,000 per MW, valid for three years, and bars splitting projects to stay under the 10 MW HEDNO threshold. For a 100 MW campus this is EUR 20 million locked before construction, which DC Market Insights expects to remove speculative requests and delay some Attica phases by 12 to 24 months.

Attica Grid Congestion

Power grid congestion is sharpest in Attica, which attracts about 65% of investor interest, or 800 to 1,260 MW, but ranks only eighth among regions for available grid capacity through 2034, according to the PwC study. In the low case DC Market Insights cuts completions after 2026 by 35%, which lowers 2035 spend by 40%.

Archaeological Permitting Delays and Earthquake-Related Construction Standards

Complex archaeological permitting is a Greek-specific risk: excavation in Attica can trigger Ministry of Culture review, and DC Market Insights assumes archaeological permitting delays of 6 to 12 months on about a third of new Attica sites. Earthquake-related construction rules under the Greek seismic code and Eurocode 8 also raise structural cost; DC Market Insights estimates these construction standards raise capex on the shell by 3% to 5%, which is built into the USD 9.50 million per MW facility value.

Where Can Suppliers Win in the Greece Data Center Market by 2035?

The largest openings are AI fit-out, worth USD 1.97 billion in 2030, and the Western Macedonia build-out, worth USD 1.59 billion by 2035.

AI Fit-Out: USD 1.97 billion in 2030

DC Market Insights expects 55% of new Greek capacity in 2030 to be AI halls, each carrying about USD 33 million of accelerator servers, storage and fabric per MW. Integrators and server vendors that can deliver liquid-cooled racks into Attica and Kozani gain from USD 1.97 billion of yearly fit-out by 2030.

Western Macedonia: USD 1.59 billion by 2035

Electrical contractors, transformer makers and cooling suppliers can win a share of the USD 1.59 billion of 2035 spend in Western Macedonia, where PPC plans about EUR 5.75 billion of renewables, storage and data center investment in total, according to TA NEA.

How Much Does It Cost to Build a Data Center in Greece per MW?

In the Greece Data Center Market, a new facility costs about USD 9.50 million per MW of IT capacity to build in 2025 before IT equipment, and an AI hall adds about USD 35 million per MW of IT (DC Market Insights estimate).

Year	Facility cost (USD million per MW)	AI IT (USD million per MW)	Conventional IT (USD million per installed MW a year)
2020	8.19	35.00	1.65
2025	9.50	35.00	2.50
2030	11.01	32.50	2.50
2035	12.77	30.00	2.50

Greek anchors bracket the facility figure: the PPC and Edgnex Attica site budgets EUR 150 million for a 12.5 MW first phase, or EUR 12.0 million per MW (Source: Edgnex, December 2024), while the Dromeus Capital and Apto Spata project is EUR 300 million for 46 MW, or EUR 6.5 million per MW at full build-out (Source: TA NEA, September 2026). Data4’s EUR 300 million for up to 90 MW of power is a first-phase budget and is not used as a per-MW anchor. Colocation buyers pay per rack rather than per MW, so rack space utilization matters: DC Market Insights assumes Greek halls run at about 70% utilisation, which is why installed MW, not sold racks, drives the conventional IT line.

Which Rules Govern Data Center Licensing in Greece?

Greece data center licensing runs on 3 layers for the Greece Data Center Market: an environmental fast track for 2 to 20 MW sites, IPTO connection above 10 MW, and EU energy reporting for sites of 500 kilowatts (kW) and more.

• Joint Ministerial Decision ΥΠΕΝ/ΔΙΠΑ/82255/5190 (Government Gazette B 4095, 29 July 2025): Standard Environmental Commitments for Category B data centers of 2 MW to under 20 MW, with two 10-working-day steps; sites of 20 MW and above still need an Approval of Environmental Terms (Source: Government Gazette)
• Ministry of Environment and Energy grid bill (October 2026): IPTO licenses connections above 10 MW, HEDNO below; EUR 200,000 per MW guarantee; 60% renewable supply; priority for sites above 200 MW with 80% local supply (Source: Ministry of Environment and Energy)
• Delegated Regulation (EU) 2024/1364: annual energy and water reporting for data centers of 500 kW and more, applied to Greek operators since 2024
• Law 4014/2011: environmental licensing basis under which the 2025 decision was issued
• EN 50600 / ISO/IEC 22237: design and operation classes used in Greek public tenders

For a 20 MW data center, the line between Category B and A2 is the main licensing question: one MW less moves the project to the template route, but the bill bars splitting projects to fit under a threshold.

Which Segment Makes the Money in the Greece Data Center Market?

IT Infrastructure carries the most value at USD 139.13 million, or 48.6% of 2025 spend, and AI Workloads are the fastest-growing segment at 52.74% a year.

By Component

Component	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
IT Infrastructure	139.13	48.6%	6,185.49	46.15%
Power Solutions	66.26	23.1%	804.33	28.36%
Cooling Systems	29.45	10.3%	357.48	28.36%
General Construction	51.54	18.0%	625.59	28.36%
Total	286.38	100.0%	7,972.90	39.47%

By Workload

AI workloads reach USD 6.25 billion by 2035 because each new AI MW carries 14 times the yearly IT spend of a conventional MW.

Workload	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
AI Workloads	90.45	31.6%	6,250.69	52.74%
Conventional Workloads	195.93	68.4%	1,722.21	24.28%
Total	286.38	100.0%	7,972.90	39.47%

By Data Center Type

Cloud and hyperscale halls grow from 25.0% to 62.0% of spend as Microsoft and AWS build their own sites.

Data Center Type	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Colocation	157.51	55.0%	2,232.41	30.36%
Cloud and Hyperscale	71.59	25.0%	4,943.20	52.73%
Enterprise and Government	57.28	20.0%	797.29	30.13%
Total	286.38	100.0%	7,972.90	39.47%

By End User

Shipping, tourism and other buyers hold 18.0% of 2025 spend, a larger share than in most European markets because Piraeus-based shipping groups run their own server rooms; media and entertainment buyers sit in IT and Telecom, and cloud service providers sit under Cloud and Hyperscale.

End User	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
IT and Telecom	108.82	38.0%	3,826.99	42.76%
BFSI	51.55	18.0%	1,116.21	36.00%
Government and Public Sector	45.82	16.0%	956.75	35.51%
Manufacturing and Energy	28.64	10.0%	956.75	42.03%
Shipping Tourism and Other	51.55	18.0%	1,116.21	36.00%
Total	286.38	100.0%	7,972.90	39.47%

DC Exclusive: The Greece Grid-Ready Project Tracker (7 Projects, 475 MW Named)

For the Greece Data Center Market, DC Market Insights tracks 7 named projects with about 475 MW of first-phase capacity, more than ten times the 44 MW installed in 2025; this is a DC Market Insights model built from 21 inputs (project MW, budgets, status and the 1.4-2.2 GW interest band), and the values are estimates.

Project	Location	MW	Budget	Status (latest public)
Microsoft Spata (first owned site)	Spata, Attica	19.2	Nearly EUR 1 billion for 3 sites	Under construction
PPC and Edgnex (Data In Scale)	Attica	12.5 (25 later)	EUR 150 million first phase	Construction from Q1 2025
Data4 ATH1 campus	Paiania, Attica	Up to 90 (power)	More than EUR 300 million	Two buildings planned
Dromeus Capital and Apto	Spata, Attica	46	EUR 300 million	Planned
PPC and AWS Agios Dimitrios	Kozani, Western Macedonia	300 (1,000 later)	EUR 1.2 billion initial (PPC)	Planned
Digital Realty ATH3 (built by Metlen)	Koropi, Attica	6.8	Not disclosed	Delivered August 2025
Digital Realty HER1	Heraklion, Crete	1 (5 later)	Not disclosed	Opened April 2025

The tracker explains the model’s shape: the 2026-2030 completions of 327 MW equal about 69% of the named first phases, because only about 330 MW in Attica holds connection terms today. Facility spend on the tracked projects alone is about USD 4.5 billion at 2025 costs (475 MW × USD 9.50 million), close to the model’s USD 4.09 billion of facility spend over 2025-2030.

Is Attica Still the Center of Greek Data Center Spend, and Which Region Grows Fastest?

In the Greece Data Center Market, Attica leads with USD 219.08 million in 2025, and Western Macedonia grows fastest at 75.58% a year to 2035.

Attica

Attica holds 76.5% of 2025 spend, USD 219.08 million, with 34.1 MW of the 44 MW national base and about 330 MW of connection terms; its share falls to 55.0% by 2035 as grid limits push large campuses north.

Western Macedonia

Western Macedonia is the fastest region at 75.58% a year, from USD 5.73 million of site preparation in 2025 to USD 1.59 billion by 2035, because the PPC and AWS campus at Agios Dimitrios reuses lignite-era grid connections.

Central Macedonia

Central Macedonia, centred on Thessaloniki, holds USD 22.91 million in 2025 and grows 38.57% a year as enterprise and edge sites serve northern Greece and the Balkans.

Rest of Greece

Rest of Greece, led by Boeotia with about 275 MW of investor interest in the PwC study, grows 45.24% a year to USD 1.08 billion by 2035.

Crete and the Islands

Crete and the Islands hold USD 12.89 million in 2025; Digital Realty’s HER1 in Heraklion (1 MW, scalable to 5 MW) serves submarine cables landing in Crete, and the region grows 37.83% a year.

Which Greek Hubs, from Spata to Kozani, Carry the Most Data Center Spend?

Within the Greece Data Center Market, Spata carries the most spend at USD 63.00 million in 2025, and Kozani (Agios Dimitrios) is the fastest-growing hub at 75.58% a year.

Rank	Hub	2025 (USD million)	2035 (USD million)	CAGR 2025-2035	Region
1	Spata	63.00	1,355.39	35.92%	Attica
2	Koropi	57.28	956.75	32.52%	Attica
3	Paiania	45.82	1,116.21	37.62%	Attica
4	Athens Metro (Metamorfosi and Kifisia)	40.09	558.10	30.13%	Attica
5	Thessaloniki	22.91	597.97	38.57%	Central Macedonia
6	Rest of Attica	12.89	398.64	40.94%	Attica
7	Boeotia	10.02	597.97	50.51%	Rest of Greece
8	Heraklion	8.59	223.24	38.51%	Crete and the Islands
9	Patras and Peloponnese	8.59	239.19	39.47%	Rest of Greece
10	Corinth	7.16	239.19	42.03%	Rest of Greece
11	Kozani (Agios Dimitrios)	5.73	1,594.58	75.58%	Western Macedonia
12	Other Islands	4.30	95.67	36.39%	Crete and the Islands

What If the Kozani Campus Slips? Greece Data Center Market Forecast Scenarios to 2035

The 2035 Greece Data Center Market ranges from USD 4.79 billion in the low case to USD 10.36 billion in the high case, around a base of USD 7.97 billion.

Scenario	Assumption	2035 (USD million)	CAGR 2025-2035
Low	Completions after 2026 cut 35%; AI share 10 points lower	4,792.99	32.55%
Base	972 MW completed 2026-2035; AI share 55% in 2030	7,972.90	39.47%
High	Completions after 2026 up 25%; AI share 5 points higher	10,356.06	43.16%

The swing factor is the Kozani campus: if its 300 MW first phase slips past 2030, most of the USD 1.59 billion that DC Market Insights places in Western Macedonia by 2035 moves later, towards the low case.

Which Companies Lead the Greece Data Center Market?

Digital Realty, through Lamda Hellix, operates the largest colocation base in Greece, and DC Market Insights estimates the top three owners (Digital Realty, Microsoft and Data4) will hold about 55% of 2026 spend, based on their share of MW under construction.

• Digital Realty (Lamda Hellix)
• Microsoft
• Amazon Web Services (AWS)
• Google
• Data4
• Public Power Corporation (PPC)
• Edgnex (Damac)
• Metlen Energy and Metals
• Dromeus Capital
• OTE Group (COSMOTE)
• Vodafone Greece
• Nova (formerly WIND Hellas)
• Intracom Telecom
• Space Hellas
• Schneider Electric

Digital Realty’s ATH3 in Koropi, delivered by Metlen in August 2025 at up to 6.8 MW and 8,600 square meters, was described as the largest data center in Greece (Source: Metlen, via To Vima, August 2025). Microsoft’s first owned site at 19.2 MW will be nearly three times that. Telecom groups OTE (COSMOTE), Vodafone and Nova run enterprise and carrier sites in Athens and Thessaloniki, and Greek integrators Intracom Telecom and Space Hellas supply IT fit-out to government buyers.

The threat of substitutes is low for the Greece Data Center Market: the repatriation of Greek workloads from data centers abroad, required for some public-sector and banking data, and the rapid fiber rollout to Greek homes and offices both add demand rather than replace it; DC Market Insights estimates that Government and Public Sector plus BFSI buyers hold 34.0% of 2025 spend (USD 97.37 million).

What Changed in the Greece Data Center Market in 2025 and 2026?

Six dated events in 2025-2026 moved the Greek pipeline from about 44 MW to more than 475 MW of named projects.

• In October 2026, the Ministry of Environment and Energy presented a bill on data center grid connections with EUR 200,000 per MW guarantees and a 10 MW IPTO threshold (Source: Ministry of Environment and Energy).
• In September 2026, Deputy Prime Minister Kostis Hatzidakis described the PPC and AWS 300 MW first phase at Agios Dimitrios, expandable to 1 GW (Source: Greek government).
• In March 2026, a PwC study for the Ministry of Digital Governance put investor interest at 1.4 to 2.2 GW, with 330 MW in Attica holding connection terms (Source: Ministry of Digital Governance).
• In August 2025, Metlen delivered Digital Realty’s 6.8 MW ATH3 in Koropi (Source: Metlen).
• In July 2025, Joint Ministerial Decision ΥΠΕΝ/ΔΙΠΑ/82255/5190 set Standard Environmental Commitments for 2 to 20 MW data centers (Source: Government Gazette B 4095/2025).
• In April 2025, Digital Realty opened HER1 in Heraklion, Crete, at 1 MW scalable to 5 MW (Source: Digital Realty).

Key Takeaways: What Should Investors Take from the Greece Data Center Market?

Four takeaways follow from a market that grows from USD 286.38 million to USD 7.97 billion.

• Grid, not demand, sets the pace: 9 GW of IPTO requests sit against 1.9 GW of system capacity in 2025, so connection terms are worth more than land.
• AI halls carry 78.4% of 2035 spend because each AI MW adds about USD 33 million of IT, against USD 2.5 million a year for a conventional MW.
• Western Macedonia rises from 2.0% to 20.0% of spend because lignite-era grid connections are available there now.
• Sites between 2 and 20 MW license fastest under the July 2025 decision, which favours edge and enterprise builds in Thessaloniki and Crete.

How We Built the Greece Data Center Market Model: Methodology and Receipts

DC Market Insights built the model bottom-up from 16 yearly capacity cohorts (2020-2035), 3 unit costs and 44 MW of 2025 installed capacity, giving USD 286.38 million for 2025.

• Capacity: 44 MW installed in 2025 (PwC study for the Ministry of Digital Governance), 9 MW completed in 2025, 327 MW in 2026-2030, 645 MW in 2031-2035, 1% a year retired; AI share of new capacity 15% in 2025, 55% in 2030 and 60% in 2035.
• Unit values: facility USD 9.50 million per MW in 2025, +3% a year; AI IT USD 35 million per new AI MW, falling to USD 30 million by 2035; 20% a year AI refresh; conventional IT USD 2.5 million per installed MW a year (8% lower each year before 2025).
• Check 1 (ceiling): 980 MW installed in 2035 is below the 1.4 GW lower end of investor interest and the 2.9 GW of IPTO system capacity for 2034.
• Check 2 (ceiling): model facility spend of USD 4.09 billion in 2025-2030 against about USD 4.5 billion for the 475 MW of named first phases.
• Check 3 (floor): Microsoft’s nearly EUR 1 billion over its three sites, spread over about 4 years, is about USD 0.28 billion a year, 43% of the 2026 total.

Euro figures are converted at USD 1.13 per EUR. The full approach is on the research methodology page, and the global context sits in the Data Center Market report.