CoStar News examines the growing capital divide reshaping the data center industry, as surging construction costs and intense competition separate well-capitalized operators from those struggling to keep pace. The piece makes clear that access to capital has become the defining factor in who can build, how fast, and at what scale.
DataBank CEO Raul Martynek is cited as a leading voice on the dynamic, drawing on his 2026 industry outlook to frame what operators across the sector are now confronting. His assessment is direct: The field of viable developers is narrowing, and those without the financial backing to sustain large-scale development will find themselves on the sidelines.
“Financing will become increasingly difficult. There are more data center developments and companies in existence today than at any other time in our sector’s history. What do they all have in common? They all need cash to build.”
— Raul Martynek, CEO, DataBank
The article points to recent REIT pullbacks, asset sales, and consolidation activity as evidence that the shakeout is already underway. S&P Global Ratings projects average U.S. data center construction spending of more than $70 billion per quarter from 2025 to 2028, raising the stakes for anyone competing without institutional-scale resources behind them.
Martynek’s broader point cuts to the core of the market moment: for many operators, the message is stark. Scale up quickly, find a partner, or step aside.
Read the full article at CoStar News.
