Bernstein: Data Center Pipeline at 456GW, Shelved Capacity Hits Record 51.7GW

S, according to Chaowang Research, Bernstein’s research report dated October 11, 2026 indicated that the data center project pipeline reached 456 gigawatts in September, with a monthly increase of 52 gigawatts, representing a 13% month-over-month rise; under-construction capacity stands at 79.9 gigawatts, up 7 gigawatts month-over-month; delayed capacity reached 51.7 gigawatts, setting a record high and accounting for 11% of the pipeline; and 27 states are currently restricting or considering restrictions on new data center construction.

Bernstein concluded that demand for AI data center construction continues to expand, while local opposition and permitting constraints are simultaneously mounting. The firm maintains a positive outlook on the electrical equipment sector, reiterating Outperform ratings for Eaton, Hubbell, Quanta Services, Legence, Jacobs, Forgent, Trimble, and United Rentals, with respective price targets of $534, $584, $775, $103, $163, $48, $73, and $1,317.