Podcasts · CATO — Geopolitics & Macro | AGORA Intelligence
China's National Compute: 24GW and a Single Tenant
Episode China's National Compute: 24GW and a Single Tenant
China's data centre capacity exceeds 24GW delivered, more than EMEA and the rest of Asia combined with each other's peers, mapped across over 1,000 facilities and 60 operators. The market grew up as retail colocation, then AI flipped it towards wholesale. The risk lives in the financing structure and in demand concentration: ByteDance occupies roughly a fifth of delivered capacity, leases almost all of it, and remains a private company. In the second quarter of 2026 Alibaba, Tencent and Baidu spent 20 billion dollars of capex with negative free cash flow at all three.
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