Data center investor DigitalBridge revealed it has more than 5.4GW of data center capacity in development or operation.

The company, which holds stakes in data center and energy businesses through various funds, said that roughly half of that was currently built, and the other half is under construction. Total capacity is also up 50 percent over last year.

In DigitalBridge's latest earnings call, CEO Marc Ganzi added: "We're putting $50-plus billion to work over the next few years on contracted data center projects, tethered to our power bank." The company expects there to be $43bn in capex investments across its portfolio by the end of 2026, with DigitalBridge's share at just under $30bn.

Part of the increase to DigitalBridge's overall capacity came through the multi-billion-dollar acquisition of Yondr, with Ganzi noting that the company has more than "400MW of leased capacity and a clear path over one gigawatt." He continued: "Yondr immediately becomes our eighth global data center platform and significantly expands our ability to serve the largest cloud and AI players."

With its existing portfolio, the company said that it had closed significant financing for Switch and Vantage. "This isn't maintenance capital," Ganzi said. "This is growth capital, and that's a critical thing to acknowledge. It's funding massive expansions, including a new $3bn AI campus in Nevada for Switch and continued build-outs across North America and Europe for Vantage to meet record customer bookings."

This quarter, Switch expanded its credit facilities to $10bn, reducing the cost of its capital, retiring its take private bank debt, and providing "a massive war chest to fund the next phase of their growth," he said.

On the smaller facility scale, there's DigitalBridge's DataBank, which operates 73 data centers in 26 markets. While they are full facilities, DigitalBridge defines them as 'Edge' data centers. Those data centers provide "low-latency compute at the Edge that will be essential for real-time action-oriented AI applications," Ganzi said.

As for power, Ganzi pointed to Takanock, a new dispatchable power firm targeting data centers led by former Google Energy founder Kenneth Davies, which DigitalBridge and ArcLight invested $500 million into.

"Ken and the team know exactly what these customers need, and they've already got a significant pipeline with over 1,600 acres under control," Ganzi said. "They potentially have nearly three gigawatts of IT capacity and over five gigawatts of generation capacity. This is massive, it's a scalable opportunity, and we're in on the ground floor of the emerging category of digital infrastructure in partnership with the amazing team in ArcLight."

More broadly, DigitalBridge's total secured power bank across its portfolio "now stands at nearly 21GW."

For investors, Ganzi broke down the expected costs and rewards. "To build one gigawatt of data center capacity, it requires roughly $10bn in total capital, about half of which is equity if you're leveraging those assets at the correct loan-to-value ratio," he said.

"When we successfully execute our playbook, build that gigawatt, lease it up, and ultimately harvest value for [limited partners], it generates carried interest for DigitalBridge shareholders.

"So now take that math to the 5.4 gigawatts that we have either lit today or under construction. That represents over $50 billion of total investment and more than $25 billion of equity being put to work, with DigitalBridge controlling approximately 2/3 of the ownership of those platforms. That represents roughly $1 billion of potential future carried interest being built, cultivated, and embedded in our portfolio right now."