SI Data Center Startups Raised $33.5 Billion in 2026, Morgan Stanley Report Finds
U.S. startups working on power and computing constraints for SI data centers have raised $33.5 billion so far in 2026, nearly double the total for all of 2025, according to a Morgan Stanley report covered in early October. More than 80 percent of the funding targeted power availability and computing efficiency, the report found, suggesting investor attention is shifting from how many facilities get announced to whether they can actually be powered and run efficiently.
The report said commercial viability now depends on capacity actually deployed, not just capital raised. As large technology companies keep expanding SI infrastructure, grid access, cooling and energy management have become the scarcest links in the supply chain — and the most crowded field for startups.
The findings line up with a year of public debate across the United States over data center siting, water use and electricity prices, from local moratoriums to utility supply deals. Morgan Stanley cautioned that with fundraising at record levels, delivery capacity will be the factor that separates winners from the rest of the field.
Photo: 数据中心建筑群实景，CC BY-SA 3.0（Wikimedia Commons，摄影：123net）
Published by GSM · USA (original Chinese edition)
Photo: 数据中心建筑群实景，CC BY-SA 3.0（Wikimedia Commons，摄影：123net）
