PLD · Earnings call · 2026Q3T · Full report

Datacenter Power and Capacity

Prologis, Inc. · 2026-10-15 · Importance 57 · Surprise 42

Prologis’s data center pipeline totals 5.8 gigawatts, including 1.7 gigawatts of secured power and 4.1 gigawatts in advanced stages. Letters of intent cover approximately 1 gigawatt, much of which management expects to start in 2027, and 85% of the total pipeline is expected to be startable by 2030. Power availability and entitlements are creating scarcity value, while negotiations with hyperscalers remain lengthy because they involve multibillion-dollar decisions. Management said the pipeline has not been materially affected by data center moratoriums, although individual projects could be delayed by several months.