SemiAnalysis introduces a building-level China datacenter model tracking 1,000+ facilities across 60+ operators, totaling over 24GW. In 2Q26, BAT combined capex reached $20B, more than doubling YoY, with all three posting negative free cash flow for the first time. China's buildout is chip-gated, not power-gated, with 100MW facilities delivered in ~12 months, while vacancy remains high due to retail-first overbuild. The report highlights Eastern Data Western Compute policy shifts, cost advantages, and a structural decline in carrier share as hyperscaler self-build expands.
229 other tracked developments touching the same claims.