Data centers are getting name-checked more this quarter — but don’t call it a stampede

The filing-season chorus about data center and AI demand got a bit louder this quarter — not a roar, more of a louder murmur. In the July filing window, 12.6% of companies that filed (37 firms) called out data-center/AI demand; that’s up from 10.4% in the same window last quarter, a 1.22x increase in share.

Here’s what managements are actually saying — straight from their 10-Qs and 10-Ks. Read them in order: growth, follow-through, scale costs and a reminder that demand can ebb.

Short version: contractors and equipment suppliers are seeing project-led revenue; manufacturers are booking big networking orders; landlords are reporting higher costs tied to expansion; and a developer warned that a slowdown would hit space demand.

A construction and facilities angle — revenue from network build-outs:

"This segment experienced increased revenues within the majority of the market sectors in which we operate, with the most significant increase coming from the network and communications market sector due to greater demand for data center construction projects." (EMCOR Group, Inc. / 10-Q / 2026-07-30)

EMCOR is making the obvious point: data-center building shows up as extra work for mechanical, electrical and construction services. That’s project revenue, not a recurring SaaS line item.

Big industrial orders tied to large projects:

"Orders increased 27%, reflecting sustained demand in large projects across the Company's core markets, including the Company's solutions for large-scale data center projects." (Johnson Controls International / 10-Q / 2026-07-29)

Johnson Controls is quantifying the lift — a 27% jump in orders — and calling out data-center projects as part of that mix. When “orders” move like that, it’s equipment and integration work showing up in backlog.

Manufacturing scale: networking demand showing up in revenues:

"Communications end market revenue increased $1,012.0 million (62%) in Q2 2026 compared to Q2 2025 ... driven by data center networking demand, including the continued growth of our switch programs." (Celestica, Inc. / 10-Q / 2026-07-27)

Celestica’s numbers are blunt: a 62% lift in comms revenue tied to data-center networking. That’s the supplier side seeing demand translate into top-line growth.

Costs of building at scale — expansion isn’t free:

"The increase in our EMEA cost of revenues was primarily due to: $24 million of higher depreciation expense driven by IBX data center expansions; $11 million of higher utilities expense, primarily due to increases in renewable energy costs; and $9 million of higher compensation costs." (Equinix, Inc. / 10-Q / 2026-07-29)

Equinix’s note is a reminder that expansion brings depreciation, higher utilities bills (and renewable contracts) and salary costs. Demand shows up as revenue and as higher operating costs.

And one cautious flag from a data-center operator/developer:

"Any such slowdown or adverse development could lead to reduced corporate spending or reduced demand for data center space." (Applied Digital Corporation / 10-K / 2026-07-29)

Applied Digital put the risk case plainly: if broader spending cools, demand for space could slip. That’s the minority but visible negative thread through filings.

A naive keyword tally across filings this window registered roughly 17 positive vs. 6 negative calls tied to data-center/AI themes (about 25% of mentions tilted negative). The pattern is cross-sector: industrial contractors, systems makers, colo landlords and electronics manufacturers all brought it up. That breadth — not a single-industry echo — is why the phrase showed up more often this quarter.

This is a descriptive read of SEC filings using Jodie's analytics and not investment advice.