Key Highlights

  • Virginia has 287 planned data centers, Texas 170 and Georgia 141, according to a Pew analysis of Data Center map listings accessed February 19, 2026.
  • Operating counts differ: Virginia 398, Texas 296 and Georgia 94, so Georgia's pipeline is large relative to its current base.
  • A capacity share of 27% for Texas attributed on election night to a bank estimate could not be verified and is left out of the analysis.
  • iShares Semiconductor ETF (NASDAQ:SOXX) holds chipmakers whose Demand rises with data center buildouts, so state rules are a second-order risk.

Where the Buildout Sits

Pew counts data centers, not megawatts, and its planned category includes sites under construction, planned or land banked. On that basis Virginia leads with 287 planned and 685 total, Texas follows with 170 planned and 466 total, and Georgia has 141 planned and 235 total. Total counts are the sum of planned and operating sites, which the published table supports for each state. A planned site may never be built, and a land banked site may sit for years, so the planned figure is a ceiling on near-term activity and not a forecast. Counts treat a small edge Facility and a very large campus the same, so they say little about power demand. A circulating summary had offered a power-capacity ranking that also named Ohio and Pennsylvania, but that source was a single, unconfirmed report.

Why Politics Reached the Chip Trade

After the November 3, 2026 election, Democrats were projected to control the House, and Texas elected Democrats as governor and, by projection, as senator. Published coverage on November 4 reported two large chip stocks down more than 1% in premarket trading on worries that new officials could restrict data center construction. iShares Semiconductor ETF (NASDAQ:SOXX) is concentrated in a few chip designers and equipment makers, so any slowdown in server orders shows up there before it reaches smaller companies. An AI server rack can draw many times the power of a conventional rack, which is why grid access is often the gating item for a site and why politicians have focused on electricity prices. A delay in permitting does not cancel demand, but it can shift the timing of orders by quarters.

Risks and What to Watch

State rules are only one constraint. Power supply, transformer lead times, financing costs and federal chip export policy can all matter more than a local permit. iShares Semiconductor ETF (NASDAQ:SOXX) also reflects the cycle in memory and handset chips, and its results are not tied to one state. AMD (NASDAQ:AMD) reported a third-quarter Earnings beat that lifted its shares about 6% in premarket trading, which showed that demand has stayed strong, according to published coverage. Watch for state bills in Texas, Georgia and Virginia, Utility load forecasts, and the report from Qualcomm (NASDAQ:QCOM) after the close on November 4. Georgia's gap between planned and operating sites is the widest of the three in relative terms, which makes its approval process a useful early indicator. Pew's counts are a snapshot from February and will have changed since.

Where Things Stand

Virginia, Texas and Georgia lead on planned data centers, based on Pew's February snapshot, and Texas is second to Virginia. For iShares Semiconductor ETF (NASDAQ:SOXX), the state map matters mainly as a timing risk, since permitting delays could push out orders but not remove them. The evidence for a large policy hit is limited because no restriction has taken effect, and the only verified market reaction was a drop of more than 1% in two premarket stocks. Chip earnings and power Supply remain the clearer drivers to watch, along with any change in the Cost of Capital that funds new buildings.