2026年上半年美国AI数据中心购地约60亿美元，供电溢价推高地价

Senior News Writer,Informa TechTarget资深新闻撰稿人，Informa TechTarget

October 14, 20262026年10月14日

4 Min Read阅读需4分钟

Data center being constructed in Sterling, Virginia

In Northern Virginia, entitled land without power can trade for roughly $4 million per acre, compared with at least $6 million per acre for powered land, according to Avison Young.Getty Images在北弗吉尼亚，已获批但无电力供应的土地交易价格约为每英亩400万美元，而已通电土地的价格至少为每英亩600万美元，数据来自Avison Young。Getty Images

US purchases of land for future data centers reached about $6 billion in the first half of 2026, up 79% from a year earlier, according to Avison Young.根据Avison Young的数据，2026年上半年美国用于未来数据中心的土地购置额约为60亿美元，同比增长79%。

The spending reflects demand for large AI campuses, as hyperscalers, neocloud providers, energy-first developers and investors compete to secure sites for new computing capacity, according to the Q2 2026 Data Center Market report.根据2026年第二季度数据中心市场报告，这笔支出反映了对大型AI园区的需求，因为超大规模云服务商、新云（neocloud）提供商、能源优先的开发商和投资者都在竞相为新的算力锁定选址。

For data center operators, the stakes are both operational and financial. Delayed power can push back capacity delivery, complicate customer commitments and leave expensive buildings waiting to enter service.对数据中心运营商而言，利害关系既是运营层面的，也是财务层面的。电力延迟会推迟容量交付，使客户承诺复杂化，并让造价高昂的大楼闲置等待投运。

“The biggest thing right now is speed to power,” John Andril, manager of market intelligence at Avison Young, told TechTarget in an interview.“目前最重要的是通电速度，”Avison Young市场情报经理John Andril在接受TechTarget采访时表示。

In Northern Virginia, entitled land without power can sell for roughly $4 million an acre, compared with at least $6 million an acre for powered land, Andril said. Entitlements, infrastructure and other site characteristics also affect prices, so the comparison does not isolate the value of electricity alone.在北弗吉尼亚，Andril说，已获批但无电力供应的土地售价约为每英亩400万美元，而已通电土地至少为每英亩600万美元。审批许可、基础设施和其他地块特征也会影响价格，因此这一比较并不能单独剥离出电力本身的价值。

“The premium is increasingly payment for uncertainty removed, not just for megawatts nearby,” said Neil Osnato, an industry analyst who has examined data center land transactions.“溢价越来越是为消除不确定性而支付的，而不仅仅是为附近的兆瓦数，”研究过数据中心土地交易的行业分析师Neil Osnato表示。

Committed Power Drives Land Value已落实的电力驱动土地价值

An Altus Group analysis of 80 verified data center land transactions in August found committed utility load was the strongest predictor of land pricing.Altus Group 8月对80宗经核实的数据中心土地交易进行的分析（见8月数据）发现，已落实的公用事业负荷是土地定价最强的预测因素。

Sites associated with 230-kilovolt or 500-kV infrastructure traded at roughly 2.4 times the pricing of sites associated with 138-kV or lower infrastructure, according to the analysis.根据该分析，与230千伏或500千伏基础设施相关的地块，其交易价格约为与138千伏或更低电压基础设施相关地块的2.4倍。

Transmission access can reduce the upgrades required to serve a project. In some cases, existing infrastructure can also shorten the regulatory process and save about a year, Andril said. However, proximity to a transmission line doesn’t guarantee that a utility can deliver the required capacity on schedule.接入输电线路可以减少为项目供电所需的升级改造。Andril说，在某些情况下，现有基础设施还可以缩短监管审批流程，节省大约一年时间。不过，靠近输电线路并不能保证公用事业公司能按计划交付所需的容量。

“If you don’t have power until the early to mid-2030s, you’re probably not going to get a lot of interest,” Andril said.“如果直到2030年代早期到中期才有电，你大概不会吸引到太多兴趣，”Andril说。

Andril said a genuinely power-ready property generally needs electrical infrastructure deliverable within about 18 months, roughly matching the time needed to prepare a building for its initial load. Developers also need clarity on the equipment required for a substation and who will fund and build it.Andril表示，一处真正电力就绪的物业，通常需要电力基础设施能在大约18个月内交付，大致相当于为一栋大楼的初始负荷做好准备所需的时间。开发商还需要明确变电站所需的设备，以及由谁出资、由谁建设。

For campus planning, developers generally use about 0.5 to 1 acre per megawatt as a rule of thumb, Andril said, although land-constrained markets can support higher densities. A large project, therefore, requires both enough land and a credible plan for delivering its electricity.Andril 表示，在园区规划中，开发商通常以每兆瓦约 0.5 至 1 英亩作为经验法则，不过土地受限的市场可以支持更高的密度。因此，一个大型项目既需要足够的土地，也需要一个可信的电力交付计划。

A Texas Deal Puts a Value on Power一笔得克萨斯州交易为电力标定价值

A transaction involving Plug Power and Stream Data Centers illustrates how power capacity can affect a project’s economics.Plug Power 与 Stream Data Centers 之间的一笔交易，说明了电力容量如何影响项目的经济性。

Plug agreed to sell its Graham, Texas, project to Stream for $50 million, with up to $26.5 million in additional consideration tied to the electrical load capacity ultimately established for the project. The agreement used a 164-megawatt (MW) reference capacity.Plug 同意出售其位于得克萨斯州格雷厄姆（Graham）的项目给 Stream，价格为 5000 万美元，另有最高 2650 万美元的额外对价，与该项目最终确定的电力负荷容量挂钩。该协议采用 164 兆瓦（MW）的参考容量。

Plug had an interconnection request with Oncor and had deposited $6.5 million with the utility to secure a requested 164 MW of load. It also posted a $7.75 million letter of credit under the ERCOT Batch Zero agreement. The project includes about 66 acres, development rights and grid-interconnection assets.Plug 已向 Oncor 提交并网申请，并向该公用事业公司存入 650 万美元，以确保所申请的 164 MW 负荷。该公司还根据 ERCOT Batch Zero 协议提交了 775 万美元的信用证。该项目包括约 66 英亩土地、开发权和并网资产。

The transaction was later restructured. Stream acquired high-voltage electrical infrastructure for $40 million in August, while the land and remaining interconnection assets remained subject to closing conditions.该交易后来进行了重组。Stream 于 8 月以 4000 万美元收购了高压电气基础设施，而土地和其余并网资产仍需满足交割条件。

The original agreement shouldn’t be described as a completed $76.5 million land sale. Its significance is that additional consideration depended on the capacity ultimately established, putting a price on the uncertainty surrounding the project’s power supply.原协议不应被描述为一笔已完成的 7650 万美元土地出售。其意义在于，额外对价取决于最终确定的容量，这为项目电力供应的不确定性标定了价格。

Northern Virginia Shows the Stakes北弗吉尼亚彰显利害关系

Loudoun County records show SDC Twin Creeks Parent LLC, a data center developer, paid $615.05 million for 97.15 acres in November 2025, or about $6.33 million an acre.劳登县（Loudoun County）的记录显示，数据中心开发商 SDC Twin Creeks Parent LLC 于 2025 年 11 月以 6.1505 亿美元购得 97.15 英亩土地，约合每英亩 633 万美元。

The property is part of the Twin Creeks data center development in Leesburg, Va. Dominion Energy separately paid $45 million for about 14 acres associated with the development.该物业是位于弗吉尼亚州利斯堡（Leesburg）的 Twin Creeks 数据中心开发项目的一部分。Dominion Energy 另外以 4500 万美元购得与该项目相关的约 14 英亩土地。

The transactions don’t isolate electricity’s contribution to the land prices. Entitlements, development rights, site assembly and market conditions also influence valuations. They illustrate the scale of investment in data center sites in one of the country’s most competitive markets.这些交易并未将电力对地价的贡献单独剥离出来。土地审批、开发权、地块整合和市场状况同样会影响估值。它们展示了在美国最具竞争力的市场之一，数据中心用地的投资规模。

Andril said the effect can be pronounced in lower-cost markets, too. Land that might sell for roughly $10,000 an acre without a viable data center power path can become worth six figures per acre after developers establish the infrastructure and utility relationships needed for a large project.Andril 表示，这种效应在低成本市场也可能十分显著。在缺乏可行数据中心供电路径的情况下，每英亩售价可能仅为 1 万美元左右的土地，在开发商建立起大型项目所需的基础设施和公用事业关系后，价值可达每英亩数十万美元。

Utilities Want Proof Developers Are Serious公用事业公司要求开发商证明其诚意

Utilities face a planning problem of their own. They must prepare for large new loads without spending billions of dollars on projects that never materialize. Developers, meanwhile, want confidence in power delivery before committing substantial capital to a site.公用事业公司自身也面临规划难题。它们必须为大规模新增负荷做好准备，同时又不能在永远无法落地的项目上花费数十亿美元。与此同时，开发商则希望在为一个地块投入大量资金之前，对电力交付抱有信心。

Andril described the problem as a “chicken-and-egg” situation.Andril 将这一问题描述为“先有鸡还是先有蛋”的困境。

Letters of credit, take-or-pay agreements and stricter interconnection-queue requirements can help utilities separate serious projects from speculative requests. Andril said established developers and end users can support those measures because removing speculative projects makes legitimate demand easier to evaluate.信用证、照付不议协议以及更严格的并网排队要求，可以帮助公用事业公司将认真的项目与投机性请求区分开来。Andril 表示，成熟的开发商和终端用户可以支持这些措施，因为剔除投机性项目能让真实需求更容易得到评估。

Onsite generation offers another option. Developers can use it to support initial operations while waiting for utility infrastructure, Andril said. Whether that approach makes financial sense depends on generation costs and the project’s economics.现场发电提供了另一种选择。Andril 表示，开发商可以在等待公用事业基础设施建设期间利用现场发电来支持初期运营。这种方式是否具有财务意义，取决于发电成本和项目的经济性。

For data center operators, those factors belong in site selection and project underwriting from the start. A land deal can look attractive on price and location, yet fail to meet the business case if the power needed to serve customers arrives too late.对于数据中心运营商而言，这些因素从一开始就应纳入选址和项目承保之中。一宗土地交易在价格和区位上可能颇具吸引力，但如果服务客户所需的电力来得太迟，就无法满足商业案例的要求。

This article was originally published on TechTarget.本文最初发表于 TechTarget。

About the Author关于作者

Senior News Writer, Informa TechTarget资深新闻撰稿人，Informa TechTarget

Shane Snider is a veteran journalist with more than 20 years of industry experience. He started his career as a general assignment reporter and has covered government, business, education, technology and much more. He was a reporter for the Triangle Business Journal, The Raleigh News & Observer and most recently a tech reporter for CRN. He was also a top wedding photographer for many years, traveling across the country and around the world. He lives in Raleigh, N.C.Shane Snider 是一位拥有 20 多年行业经验的资深记者。他的职业生涯始于一名综合新闻记者，曾报道政府、商业、教育、科技等诸多领域。他曾是Triangle Business Journal、The Raleigh News & Observer的记者，最近曾担任 CRN 的科技记者。他还曾多年担任顶级婚礼摄影师，足迹遍布全美及世界各地。他现居北卡罗来纳州罗利市。