AI Infrastructure from the Field: Takeaways from 2nd Annual Denver trip

研报英文原文证据摘录

AI Infrastructure from the Field: Takeaways from 2nd Annual Denver trip

Equity Research

17 June 2026 | 10:28AM EDT

DIGITAL INFRASTRUCTURE

We hosted an investor trip to Denver to explore AI infrastructure themes around Michael Ng, CFA

+1(212)902-8618 | michael.ng@gs.com

data centers and enterprise fiber. Our trip included a data center tour and meetings Goldman Sachs & Co. LLC

with management from Flexential (private data center company) and Lumen (LUMN, Zorayda Montemayor

Neutral). In general, hyperscaler AI infrastructure demand remains strong, with +1(212)357-6403zorayda.montemayor@gs.com|

continued strengthening of data center pricing power. Meanwhile, widespread Goldman Sachs & Co. LLC

Lindsey Shemaenterprise AI use and infrastructure demand remains nascent, but with increased +1(801)578-2673 |

optimism for future growth. Please see our detailed takeaways within. lindsey.shema@gs.comGoldman Sachs & Co. LLC

Flexential

During our 2026 Denver data center bus tour, we toured Flexential’s Englewood

site, an 18 MW air-cooled facility with ~150K square feet with near full occupancy

supporting both traditional and AI workloads for both wholesale, multitenancy, and

colocation customers. Per the company, the site supported a 60/40 ratio of

AI/Non-AI workloads. We come away from our tour of Flexential’s Englewood data

center with a better understanding of long-term supply constraints across both data

center equipment and power, which should continue to drive data center supply

tightness supporting pricing power over the longer term.

We also hosted Q&A with Ryan Mallory, CEO; Sam Rudek, COO; Jacob Horr, SVP,

Strategic Initiatives; Jack Faunce, VP, Procurement; and Tom Bailey, VP, Energy. Key

takeaways include: