India's data center market is, much like the rest of the world, seeing an investment supercycle. Between 2019 and 2025, committed investments into the sector reached roughly $94-95 billion, with capacity expected to expand fivefold to more than 8GW by 2030 – requiring a whopping $30 billion in capex.

Viewed from the top of the stack – capital commitments, announced capacity, and macro demand – the trajectory appears straightforward. India is underbuilt, and the next decade will close the gap.

However, the physical market underneath those projections paints a different picture, with capital moving faster than infrastructure.

This report, produced by DCD Intelligence, looks at the scale of capital targeting India's data center market and how there still exists a large gap between multi-gigawatt pipelines and actual operational capacity.