Stream Data Centers is a developer and operator of hyperscale data center campuses founded in 1999 in Dallas, originally as the technical real estate division of Stream Realty Partners. The company specializes in wholesale colocation capacity and build-to-suit facilities for hyperscale and enterprise users across major U.S. markets. In November 2025, Apollo Global Management completed the acquisition of a majority interest in Stream Data Centers, with Principal Asset Management acquiring a minority stake and the existing management team retaining ownership and operational control. The company has delivered more than 20 campuses serving Fortune 100 customers, who represent over 90% of its leased inventory. Stream operates with a 4+ gigawatt development pipeline focused on Tier 1 and Tier 2 markets including Dallas, Phoenix, Chicago, San Antonio, and Atlanta. The company's business model centers on speculative development in markets with anticipated demand, focusing on locations where total cost of ownership can be optimized with robust network connectivity and power availability. Stream's land development entity, Headwaters, builds a dedicated land bank of strategic site locations. The Dallas-Fort Worth area remains a core market for the company, where it has developed ten data center facilities since 2000 across Dallas, Plano, Richardson, and Garland. The company's newest Dallas-area development includes the Wilmer II Hyperscale Campus, a 140-acre site designed to support 240 MW of critical capacity and 1.4 million square feet at full buildout with an on-site Oncor substation. Stream's client base consists primarily of hyperscale technology companies, cloud providers, and Fortune 500 enterprises requiring mission-critical infrastructure with carrier-neutral, low-latency connectivity and access to renewable energy options.