Data Center Market Update: Week of October 26, 2026

This week’s clearest signals were regulatory and financial: Malaysia announced a 30% renewable-power requirement for data centers, Naver closed up to $9 billion of financing with Brookfield for a 200MW Korean AI campus, and STT GDC borrowed ¥93 billion against a 70.8MW Tokyo site. For buyers of capacity, power sourcing rules and funded phases matter more than headline gigawatt proposals.

Key takeaways

• Malaysia’s government approved a rule that data centers source at least 30 percent of power from renewables, announced on 27 October; the effective date is not yet stated.
• Naver signed up to $9 billion with Brookfield for the $10 billion expansion of GAK Sejong from 55MW to 200MW by 2028.
• STT GDC secured a ¥93 billion (about US$590 million) green loan for its 70.8MW Inzai campus near Tokyo.
• Google was confirmed as the user behind a 1,200MW proposal in Goochland County, Virginia; no plans have been filed.
• Microsoft filed for a 422MW, three-building campus in Rome, Georgia on 20 October.
• Telehouse and KDDI completed the purchase of the East India Dock campus in London for more than £220 million, with 65 MVA secured.
• Anthropic’s S-1 discloses about $417 billion in future payments to compute providers.

Deals and projects at a glance

Project	Party	Capacity	Stated status
GAK Sejong, Korea	Naver / Brookfield / Nvidia	55MW to 200MW	Up to $9B financing signed; 100MW by end-2027, 200MW in 2028
Inzai, Tokyo	STT GDC	70.8MW	¥93B green loan announced 27 October
Goochland County, Virginia	Google	1,200MW	Due diligence; Dominion queue, pre-feasibility
Rome, Georgia	Microsoft	422MW	Regional impact filing, 20 October
East India Dock, London	Telehouse / KDDI	65 MVA secured	Purchase completed 29 October; £275M West Two due 2028
Copenhagen	CoreWeave / atNorth	22.5MW IT	Most of capacity online
Tungkillo, South Australia	Quantum DC	1,200MW proposed	Proposal on 220 hectares

Malaysia: renewable sourcing becomes a condition

Deputy Prime Minister Datuk Seri Fadillah Yusof, who also holds the energy transition portfolio, said on 27 October, while winding up the Budget 2027 debate, that the government approved a requirement for data centers to source at least 30 percent of their power from renewable energy. Reporting cited by Baxtel states the Energy Commission is still drafting the framework, guidelines and compliance mechanism. It is not clear whether the threshold applies to installed capacity or to energy consumption.

Two routes were named: the Corporate Renewable Energy Supply Scheme (CRESS), which lets renewable developers sell electricity to corporate buyers over the grid, and the Solar for Self-Consumption initiative. Projects must reach commercial operation by 31 December 2028 to qualify for the 14 sen/kWh system access charge under CRESS. Green electricity users pay a separate 4 sen/kWh charge; the two should not be combined into a single 18 sen figure.

The scale explains the urgency. Data center projects had approval for 12.3GW of supply capacity as of August, against projected sector maximum demand of 8.39GW by 2030. The Data Centre Task Force approved 5GW of additional capacity last month, conditional on meeting the renewable requirement, according to a bank source cited by ETDatacenters. Fadillah also encouraged self-generated solar so costs are not shifted to other consumers, and said data centers should have backup generators usable for demand control when operating reserves are low.

This builds on earlier restrictions covered in Malaysia restricts non-AI data centers and the Johor financing wave in DayOne’s $7.2 billion Johor financing. For site selection, the Johor data center guide covers the market, and the energy hub tracks tariffs.

Korea: Naver locks in capital for Sejong

Naver signed a financing agreement with Brookfield for up to $9 billion, completing a $10 billion expansion of its GAK Sejong data center into a 200MW AI factory. Brookfield acts as exclusive capital partner: a Brookfield-led special purpose vehicle will own the Nvidia GPUs and data center assets, while a wholly owned Naver subsidiary will sell computing capacity to outside customers on a GPU-as-a-service basis. Naver funds the remainder after Brookfield’s and Nvidia’s contributions.

The signing clears a condition for Nvidia’s planned $1 billion equity investment in Naver, which Nvidia had tied to Naver securing at least $9 billion in committed financing; the investment is due to close by 30 October. The timeline reported by the Korea Herald runs from 55MW in the first half of 2027 to 100MW by end-2027 and 200MW in 2028, with about 100,000 Nvidia GPUs. Talks began in late July 2026, and Brookfield’s commitment started as a nonbinding term sheet. In April, Naver raised $270 million from the state Public Growth Fund for the same campus.

The structure matters for capacity buyers: the owner of the GPUs is a financial vehicle, and capacity is resold as a service. That is a different counterparty profile from colocation, where the customer owns the hardware.

Japan: STT GDC finances Inzai

STT GDC announced a ¥93 billion green loan on 27 October for its 70.8MW campus in Inzai City, near Tokyo. Standard Chartered led as coordinator with Mizuho Bank, OCBC, Société Générale and UOB; Standard Chartered and Société Générale also acted as green loan coordinators. ETDatacenters reports the amount as about US$590 million.

The loan funds fit-out of two buildings. TYO1 is operating at 32MW per Baxtel and achieved LEED Gold in August; TYO2, at 38MW, is under development for AI workloads and targets TIA-942-C Design Certification and LEED Gold. Under the Green Loan Principles, both buildings must obtain an agreed green certification and achieve a design PUE of 1.3 or below. No customers were named. The financing follows the 2 September completion of the KKR-Singtel acquisition of STT GDC and a green facility of up to US$1.37 billion for its Johor campus announced in August.

Comparable Japanese capacity is listed in our data center catalog, and the Tokyo colocation market page shows the published benchmark where available.

United States: two large filings, no construction yet

Google was confirmed by Goochland County on 28 October as the user behind a 1,200MW campus on about 1,000 acres in the West Creek Business Park, Virginia. Google is performing due diligence on the land and would build and operate the facility. The site sits in a technology overlay district adopted in November 2025 where data centers are a by-right use, so no public hearing is required. A State Corporation Commission filing on 14 July had described the project without naming the customer. Dominion Energy is the power provider; four engineering letters of authorization put the project in Dominion’s queue before a feasibility study. Four residents have sued over the overlay district, and a judge is weighing the county’s motion to dismiss.

Microsoft filed a Development of Regional Impact application on 20 October for a three-building campus at 0 Huffaker Road in Rome, Floyd County, Georgia. The filing covers 349 acres (Baxtel lists 347) and a total power capacity of 422MW from Georgia Power. Cost estimates differ by outlet: $360 million built out in one report, $340 million in a local newsletter working from the same filing. Floyd County approved an 80-day moratorium in June and an ordinance on 25 August limiting data centers to heavy industrial zoning with a required power, water and broadband impact study. Our Georgia Power coverage shows how large-load requests are queuing in the state.

Europe and Australia

In London, Telehouse International Corporation of Europe and its parent KDDI completed the purchase of the Inventory Estate at East India Dock for more than £220 million (US$294 million) from LaSalle Investment Management and Trilogy Real Estate, who bought it from Criterion Capital in 2015 for £170 million. The campus covers about 1.1 million square feet; Telehouse says 65 MVA is secured, while DCD reports the existing consent covers a 30MW facility. Planning consent exists for a 376,000 square foot data center. Telehouse West Two, a nine-storey building under construction on the same campus, is due in 2028 with a £275 million investment.

In Copenhagen, CoreWeave brought most of 22.5MW of IT capacity online at atNorth’s DEN01, its first deployment in Denmark. In South Australia, Quantum DC proposed a 1,200MW compute and energy hub on 220 hectares at Tungkillo, about 55km east of Adelaide; this is a proposal, and no power or approvals were reported.

Demand side: Anthropic’s S-1

Anthropic filed a Form S-1 on 26 October for a Nasdaq listing under the symbol ANT. The filing discloses about $417 billion in future payments to compute providers across data centers, computing equipment and cloud services. Baxtel cites provider-level figures, including five-year lease rent of $125.2 billion (per Fortune), up to $120.5 billion of compute from SpaceX through 2029, $42 billion of potential Broadcom financing, $20 billion with Google and $15 billion with Amazon, but the article does not say these sum to the total. Under what the filing calls Anthropic Direct, partners secure real estate, power and facilities and operate the sites while Anthropic leases the compute. Pricing for such commitments is not disclosed, so no per-MW conclusions can be drawn.

Other items

Telehouse aside, the week included Microsoft Azure’s two Blueleaf solar PPAs for Japan, Spain raising its draft-rule threshold from 1MW to 10MW in a revised renewables decree, and Google halting preparatory work at two Finnish sites on a regulator’s order. Each reinforces the same pattern: permits and power, rather than land or capital, set the pace.

GPU rental prices

Coloprice’s tracker, last updated 16 October 2026 (no later refresh at time of writing), shows on-demand medians per GPU-hour.

GPU	Median	Range
H100 80GB	$3.49	$1.30-12.29
H200 141GB	$4.40	$2.09-13.78
B200 180GB	$6.25	$3.69-16.11
GB200 NVL72 (per GPU)	$13.25	$8.00-27.04

See the GPU tracker for sources per model.

What this means for buyers of capacity

1. Ask how much of a market’s power is conditional. Malaysia’s 5GW of additional approvals depends on meeting the renewable requirement; check whether a provider has contracted green supply before signing in Johor.
2. Separate funded phases from proposals. Naver’s 55MW and STT GDC’s two buildings have named financing; Google’s 1,200MW in Virginia and Quantum DC’s 1,200MW in South Australia do not yet have power or plans. See the transactions tracker for announced deals.
3. Look at who owns the hardware. GPU-as-a-service structures, as at Sejong, shift counterparty risk to a financial vehicle.
4. Expect local friction in the US. Moratoria, lawsuits and impact studies in Floyd and Goochland counties lengthen timelines; review powered land and real estate options with permitting status in view.
5. Benchmark price. Compare quotes against the Colocation Price Index and the Asia-Pacific and AI sector view.

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