DataBank Centennial Campus / DEN5

FJI qualification held or pending: the full four-document gate, including project-specific government evidence, has not yet been accepted. Qualification evidence and decisions →

Project status: City’s April 2025 bulletin confirms DEN5 opened the preceding fall; current utilization unverified. Capacity scope: DEN5 company-listed 16 MW critical IT capacity; DEN2 4 MW; capacity is not occupied load. How we verify evidence.

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Phase-specific evidence; approximate locality pin. Reviewed October 8, 2026.

The investment takeaway

Our analysis: Centennial adds an operating private colocation campus to Denver coverage, broadening readiness beyond construction and proposals. Existing infrastructure may shorten time to customer deployment, but the evidence does not prove AI tenant utilization or returns.

One campus with two buildings

DEN2 at 6900 South Peoria Street and DEN5 at 6961 South Quentin Street form the shared Centennial Campus. DataBank’s acquired DEN5 building conversion is an expansion of that campus, not a second campus. Because neither was already listed, this publication adds one combined inventory entry.

Opening and government evidence

City of Centennial’s April 4, 2025 business bulletin states DEN5 opened the previous fall. DataBank’s September 4, 2024 announcement scheduled the opening event for October 3. The city record corroborates opening, but does not substitute for an occupancy certificate, environmental permit or customer acceptance.

Capacity and power scope

Current company materials list DEN5 16 MW critical IT capacity / 56,000 IT square feet, and DEN2 4 MW / 31,510 IT square feet. Older disclosures described different floor-area and capacity plans. Current scope stays attributed. DataBank identifies an Xcel off-site substation; delivered service volumes and contractual terms remain unverified.

Company roles and AI relevance

DataBank owns/develops and operates the campus. Xcel is the company-identified electricity infrastructure provider. High-density and hyperscale marketing supports infrastructure relevance; no named AI tenant or accelerator fleet is verified. No GPU, cooling-vendor or lender award is inferred.

Risks and what would change the assessment

Lease-up, high-density retrofit economics, power availability and customer concentration drive potential returns. Dated AI customer deployments and measured utilization would strengthen the investment connection. Constraints, unoccupied capacity or costly upgrades would weaken it. No occupancy percentage or revenue forecast is invented.

Financial significance

Operator lists DEN5 16 MW and DEN2 4 MW critical IT capacity within one campus. This is design/available capacity, not metered utilization or revenue. No campus acquisition price, project financing close, occupancy, lease yield or margin was verified. Xcel service association is company-reported; no incremental utility earnings assigned. Our analysis: an opened facility offers nearer-term lease-up relevance than a proposed megacampus, while AI customer exposure remains unproven.

Sources and claim verification

Structured source and government-record audit → · Reviewed October 8, 2026.

Distinct project-specific documents; repeated releases count once. Company claims remain attributed and do not independently establish delivery.

1. City of Centennial Economic Development · 2025-04-04 · reviewed 2026-10-08

   Government business bulletin states DEN5 at 6961 S Quentin Street opened the previous fall. This establishes city acknowledgment of opening, not a permit/inspection certificate, occupancy level, delivered MW or named AI customer.

   Government record →
2. DataBank · 2021-07-26 · reviewed 2026-10-08

   Original acquisition disclosure identifies 6961 S Quentin Street as future DEN5 adjacent to DEN2. Historical initial 6 MW plan is not current operating load; no project debt or customer award established.

   Company disclosure →
3. DataBank · 2024-09-04 · reviewed 2026-10-08

   Announces October 3, 2024 grand-opening event and 16 MW critical IT capacity. Announcement alone is not event completion; later city bulletin supports opening. Historical 75,000-square-foot description differs in scope from current 56,000 IT square feet.

   Company disclosure →
4. DataBank · publication date not established · reviewed 2026-10-08

   Current operator page lists DEN2 4 MW and DEN5 16 MW critical IT capacity and 56,000 IT square feet for DEN5; shared 11-acre campus and Xcel off-site substation. Company capacity is not measured utilization or tenant-accepted load.

   Company disclosure →
5. DatacenterDynamics · 2022-02-03 · reviewed 2026-10-08

   Reports purchase of formerly leased DEN2 and integration with adjacent DEN5 conversion into one campus. Historical 15 MW full DEN5 plan superseded by current 16 MW company figure. Article substantially draws on company statements; same underlying disclosures not independent corroboration.

   Independent specialist reporting →