Virginia Data Center Investors Have Billions at Stake - and Approved Megawatts Can Still Disappear

Publication date: 2026-09-11

Contributors: Ogdn Ames

Abstract

This analysis explains why announced data-center capacity in Virginia is not equivalent to an investable operating asset. Drawing on Northern Virginia transactions, the Digital Gateway zoning reversal, land values, utility obligations, tenant commitments, and power-delivery risk, it shows how project value depends on durable entitlements, contracted electricity, executable construction plans, financing, and long-term leases.

Keywords: Virginia, Northern Virginia, data centers, AI infrastructure, megawatts, Digital Gateway, zoning risk, power delivery, utility contracts, project finance, Digital Realty, Blackstone, investment risk

Published by Ames Investment Systems

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