Private Equity and the New Silicon Rush

Private equity firms have invested nearly $200 billion in over 450 data center companies since 2022, accounting for 80–90% of mergers and acquisitions in the sector. This report from Americans for Financial Reform documents how PE-driven expansion intensifies environmental harms—including water depletion, carbon emissions, and noise pollution—while draining community resources and receiving government subsidies funded by taxpayers. The analysis details anticompetitive roll-up strategies and PE lobbying for favorable data center policy, and includes a comprehensive appendix of transactions, making it a valuable resource for advocates tracking the financial forces behind data center proliferation.