Background

Synergy Research Group is a technology market research firm whose quarterly data centre and cloud market reports are the most-cited primary sources in hyperscaler capex and capacity debates. The firm tracks cloud infrastructure market share, data centre construction activity, and operator capex across Microsoft, Amazon, Google, Meta, and other major players.

Synergy's data underpins the claim that five major tech companies collectively topped $400 billion in capex in 2025 — a figure the IEA restated in its April 2026 electricity report. The firm's quarterly cloud market share reports are the reference point for competitive tracking across AWS, Azure, and Google Cloud.

Synergy is a privately held research boutique, not a public company, but its output is treated as near-primary-source quality in the data centre industry due to its methodological consistency and longitudinal dataset. The firm tracks the global hyperscale data-centre count and construction pipeline, which stood near 770 facilities in planning, construction or fit-out in late 2025 and grew to a US forward pipeline near 45 GW across 74 companies by 23 July 2026 , giving Synergy the most complete public picture of how the infrastructure buildout is distributed geographically and how fast it is moving.

Common Questions

What is Synergy Research Group's cloud market share data?

Synergy Research Group publishes quarterly cloud market share reports tracking AWS, Azure, Google Cloud, and others. Its data is widely used as the reference for competitive analysis in the cloud infrastructure market.Source: Synergy Research Group

How much did hyperscalers spend on data centres in 2025?

Synergy Research Group data cited by the IEA shows five major technology companies collectively exceeded $400 billion in capex in 2025, a figure the IEA projects will rise approximately 75% to around $700 billion in 2026.Source: IEA via Synergy Research Group

How big is the US data-centre construction pipeline in 2026?

Synergy Research Group counted a US data-centre forward pipeline near 45 GW across 74 companies as of 23 July 2026, with operational capacity set to double within three years.Source: Synergy Research Group

Who tracks hyperscale data centre construction worldwide?

Synergy Research Group, a privately held technology market research firm, tracks global hyperscale data-centre counts and capex; its pipeline count stood near 770 facilities in planning, construction or fit-out in late 2025.Source: Synergy Research Group

Is Synergy Research Group a public company?

No. Synergy Research Group is a privately held research boutique, though its data is treated as near-primary-source quality across the data centre industry.Source: Synergy Research Group

Source Material

Synergy Research Group official site

How the World Sees Them

Investors

Synergy's capex tracking gives investors a leading indicator of hyperscaler build intent before earnings calls. Divergences between announced capex and Synergy's hardware/construction tracking have driven stock movements.

Data centre industry

Synergy's quarterly reports set the benchmark for competitive analysis. Operators, investors, and journalists treat its cloud market share data as the closest thing to audited figures in a market where companies disclose selectively.