U.S. data center build hits $42B annualized in Oct 2025, up 18.5% YoY

U.S. data center construction reached a $42B annualized pace in October 2025, rising 18.5% year over year. Spending in 2025 is approaching the $45B invested in office buildings after roughly tripling since 2022, and could surpass offices by end‑2026 if growth holds. Applied Digital is building a 430 MW campus, while IREN targets 2GW and 750 MW sites.