More US data center capacity was leased by hyperscalers in Q3 2025 alone than in all of 2024.

According to a report from TD Cowen, Q3 saw a record 7.4GW of data center leasing, with an active US leasing pipeline of around 10.2GW.

This would bring the cumulative year-to-date total for hyperscale leasing in 2025 to approximately 11.3GW, a 4GW rise compared to 2024's 7GW total. The rise is even more stark when looked at quarter-over-quarter, with just 2GW of capacity leased in Q2 2025.

Oracle took an enormous slice of the pie, leasing a total of 5.4GW in capacity in the third quarter of 2025 across multiple sites. Most of this capacity is intended to support OpenAI workloads.

Analysts at TD Cowen said that, while Oracle and OpenAI were driving most demand, there was significantly increased activity from Google, Meta, Microsoft, Amazon, and Anthropic.

"Based on our checks, Q3 2025 would represent the largest inflection in demand we have seen since the inception of the data center industry," said Michael Elias, senior equity research analyst at TD Cowen.

"While OpenAI is driving the majority of the demand (via Oracle and direct leasing), we are seeing notable inflections in the demand from 1) Google (now negotiating GW scale leases), 2) Meta (negotiating GW scale projects beyond Louisiana), 3) Anthropic (actively working on GW scale projects separate from Amazon/Google), 4) Microsoft (in support of external GPU customer and ramping cloud demand), and 5) Amazon (scaling up Project Rainier)," he added.

Google came second in TD Cowen's league tables, leasing 600MW of capacity in Q3, followed by Anthropic with 528MW leased in the same period.

Earlier this year, TD Cowen reported that data center leasing was returning at scale after a slowdown in early 2025. Amazon and Microsoft had delayed or cancelled data center projects, but downplayed a broader negative shift.

Meanwhile, Oracle has been busy announcing more planned capacity, including a further $300 billion cloud deal with OpenAI.