The craze for digital infrastructure is shifting from a niche issue to a matter of national and business strategy. By 2026, data centers are no longer seen just as “rooms full of servers,” but as critical components of sovereignty, competitiveness, and security. The current snapshot reveals three forces pushing simultaneously: consolidation (acquisitions and operator concentration), expansion (new locations with access to energy), and shielding (post-quantum cryptography and resilience for sensitive data).
This transformation is also reflected in investment flows. The latest Global Investor Outlook 2026 from Colliers describes a resurgence of investor appetite, with institutions returning to markets and a clear momentum in sectors like office, industrial, and notably, data centers. According to the report, between Q1 and Q3 of 2025, data centers accounted for 31% of the funds raised, illustrating how deeply they have become a “core” asset in the digital world.
Norway: consolidation with a national flag and “useful heat” as a reason
One of the most interesting signals of the new cycle is in Northern Europe. Skygard —a joint venture with owners linked to telecommunications, energy, and investment— has announced the acquisition of two operational data centers in the Oslo area (OSL3 and OSL5), previously owned by Orange Business Services Norway. The deal combines what the market is rewarding: existing capacity, operational experience, a customer base, plus a development plan to grow regionally.
The “local control” narrative holds particular weight in Norway, where many companies have long set high standards for security, regulation, and resilience. In this same vein is OSL1, the new data center being developed by Skygard in Økern (Oslo): a project designed for high-performance loads, with a focus on energy efficiency and heat recovery. In theory, the plan includes reusing some of the surplus thermal energy for urban heating, connecting the data center to real city needs and reinforcing the sustainability story beyond marketing.
The underlying message is clear: in an environment where AI demand boosts energy use and computing density, the discussion shifts from “how many megawatts” to “what you do with them” and “how to reduce the impact.” Norway is promoting a model where growth is purchased (already built capacity) and legitimized (efficiency, residual heat, national control).
Spain: new locations and the race for energy (and latency)
In Spain, the data center map continues to expand into territories that just a few years ago were not on the radar of hyperscalers. In Aragón, developments are underway with projects involving large electricity consumption and AI focus. In this context, various reports suggest that Amazon Web Services (AWS) is targeting La Puebla de Híjar (Teruel) to build a large complex dedicated to AI workloads, with an option to purchase around 70 hectares and guaranteed 100 MW of power, with construction planned to begin in fall 2027.
Beyond the headline, the key point is what the industry itself emphasizes: without available energy and realistic timelines for grid access, announcements don’t translate into racks. Similarly, without proximity (latency) and robust points of presence, AI applications for business and public administration lose part of their value. That’s why Aragón — with land, access, and energy capacity — increasingly appears as a “board” where Spain’s true capacity to host intensive workloads is decided.
The other side of the boom: protecting data traveling between data centers
If building data centers is part of the challenge, connecting them securely is the other. Telefónica has introduced an “Interconnection of Data Centers” service that incorporates post-quantum cryptography to safeguard communications between data centers and corporate offices. The goal is to get ahead of a risk already concerning regulated industries: the Store Now, Decrypt Later scenario, where an attacker intercepts and stores encrypted traffic today to attempt decrypting it in the future with quantum capabilities.
This announcement shifts the discussion to a more practical realm: having a modern data center isn’t enough; you must secure the highways carrying health records, contracts, patents, or financial data. Telefónica proposes options based on post-quantum cryptography (PQC) and compatibility with quantum key distribution schemes (QKD), aiming for a transition that, presumably, will coexist with classical systems for years as companies and administrations update protocols, hardware, and security policies.
A common pattern: more investment, more regulation, more demands
Across Europe, the pattern repeats with nuances. Colliers describes a shift toward more active investment strategies, with nearly half of investors leaning toward direct investments and segregated accounts, seeking control and risk management. Concurrently, the sector’s growth driven by technology and AI is also warned to face two limits: energy and sustainability.
This double boundary explains why some markets move toward consolidation (buying existing centers, as in Oslo), while others seek new locations with available power (like Aragón). It also explains why security — including “future confidentiality” against quantum computing — is increasingly becoming a commercial requirement, not just an extra.
Frequently Asked Questions
What is post-quantum cryptography, and why does it matter for data center interconnection?
Post-quantum cryptography (PQC) encompasses algorithms designed to withstand attacks from quantum computers. It is particularly relevant for links between data centers and corporate offices, where critical data circulates that could be intercepted today and deciphered in the future.
Why are AI data centers seeking locations with “guaranteed power”?
AI workloads demand high computing density and stable energy 24/7. Without assured access to available megawatts and clear grid connection timelines, a project can get stuck even if land and permits are in place.
What are the benefits of reusing residual heat in a data center?
It enables converting surplus thermal energy into urban heating or industrial uses, improving system efficiency and strengthening the real sustainability of the project, especially in cities with district heating networks.
Why is data center operator consolidation growing in Europe?
Because buying already operational capacity shortens market entry times, reduces permitting and energy risks, and allows pooling experienced teams. In a demand-driven environment, “time” has become an asset nearly as valuable as land or megawatts.