Tracking the Gigawatts RBC Datacenter Expansion

EQUITY RESEARCH Jonathan Atkin (Analyst) ( , Rashim Jain (AVP) ( , Adam Davis (Associate) July 26, , Tracking the Gigawatts: RBC Datacenter Expansion RBC Dominion Securities Inc. Kirill Kozyar (AVP) Tracker - July , Royal Bank of Canada, Sydney Globally, we estimate active datacenter development at approximately 66 GW (+21 GW vs. Mar-2026) Branch and planned or potential third-party development (excl under-construction projects) at >304 GW Jackson Lee (Analyst) (+36 GW vs. Mar-2026). This breaks down to 1) third-party active development of 49 GW (+17 GW , vs. Mar-2026) with additional planned/potential of >264 GW (+25 GW); and 2) hyperscale self-build active development of 17 GW (+5 GW vs. Mar-2026) with additional planned/potential of 41 GW (+11 GW). At Jun-2026, among the HPC/AI/Neoclouds, >8 GW (+1.8 GW vs Mar-2026) was under construction and >33 GW (+14.7 GW vs Mar-2026) was planned. Inside: additional highlights on Behind the Meter (BTM) developments, liquid cooling updates, and headwinds/project withdrawals.

Our global expansion tracker is based on the data from multiple sources, including announcements from listed and unlisted operators and developers, and updates from real estate firms. Where precise data are unavailable, we make reasonable assumptions to estimate capacity in GWs/MWs. We also incorporate disclosures by the hyperscalers and data from Structure Research into our estimates of self-build activity.

Ongoing / Announced Datacenter Development Global under-construction capacity rose most sharply in the Americas between Mar- and Jun-2026.

• Americas grew from 26.8 GW to 45.7 GW, driven by third-party gains in North America (+15.3 GW to 30.8 GW) with hyperscale self-builds exceeding 17.3 GW. Texas alone accounts for 17.2 GW of activity, followed by Northern Virginia (1.9 GW), Ohio (1.2 GW) and Reno (1.1 GW). Latin America rose ~0.5 GW to 1.7 GW. • EMEA, total capacity increased from 9.0 GW to 9.5 GW. Europe's third-party capacity increased 169 MW at ~6.4 GW, led by London (1.4 GW) and Norway (664 MW). The Middle East dipped 68 MW to 1.7 GW, while Africa increased 96 MW to 267 MW. • APAC capacity increased from 8.8 GW to 10.9 GW, led by Sydney (1.6 GW) and Malaysia (1.5 GW). Planned / Potential Datacenter Development The pipeline expanded significantly across all regions.

• Americas planned capacity increased from 167.0 GW to 186.5 GW, with North America third-party capacity reaching 145.3 GW. Texas (39.0 GW) and Northern Virginia (23.0 GW) dominate. Hyperscale land-bank totals ~33.4 GW. • EMEA grew from 58.2 GW to 68.7 GW, with Europe's third-party pipeline at 56.5 GW led by Finland (6.6 GW) and Outside London (5.2 GW). Middle East planned capacity stands at 7.3 GW. • APAC rose from 43.3 GW to 49.8 GW, led by South Korea (6.1 GW), Malaysia (4.5 GW), Thailand (3.6 GW) and Mumbai (3.4 GW).

Other highlights • We estimate the top 4 hyperscalers had a combined 16.8 GW under construction and 39.6 GW in planned or potential capacity at Jun-2026. Meta followed by Microsoft are the largest contributors to the under-construction pipeline. Microsoft under-construction developments increased in part driven by the re-mobilization of several previously paused campuses. Amazon remains the largest contributor to the planned or potential pipeline at 17.3 GW. • AI/HPC and Neocloud projects reached 8.1 GW under construction and 33.0 GW planned. Industrial/ logistics players hold 1.1 GW under construction and 8.0 GW planned. (continued next page - Behind the Meter, Liquid Cooling, and development headwinds)

Priced as of prior trading day's market close, EST (unless otherwise noted). All values in USD unless otherwise noted Disseminated: Jul 26, 2026 20:40EDT; Produced: Jul 26, 2026 20:40EDT For Required Non-U.S. Analyst and Conflicts Disclosures, see page 25

Tracking the Gigawatts: RBC Datacenter Expansion Tracker - July 2026

Other Highlights (continued) • BTM strategies represent 16% of RBC-tracked datacenter projects since December 2025, with North America at 24%. Gas/BTM undisclosed (84 projects), Nuclear/SMR (37), and gas turbines/CCGT (22) account for 81% of BTM technology projects. Key anchors include Meta Hyperion (5 GW)…