We just published the 10 Cheapest AI Data Center Stocks to Buy According to Billionaires , with Comfort Systems USA, Inc. (NYSE: FIX ) in eighth place.
AI data center investment keeps expanding, but the companies supplying that capacity face different paths to profit. The International Energy Agency's October 2026 report estimates that hyperscalers will spend more than $700 billion on capital investment this year, mostly on new data centers. The report also points out constrained electricity networks, connection queues, and slow permitting as obstacles. For investors, spending commitments establish an opportunity. On the other hand, access to power and the ability to deliver working infrastructure determine when that opportunity becomes revenue. Our earlier 7 Cheapest AI Data Center Stocks to Buy Now explores the industry's broader investment universe.
Leasing figures show why developers keep building. CBRE's first-half 2026 report found that supply across primary North American markets rose 33.7% year over year to 10,903 megawatts, while vacancy fell to 1.4%. Customers had already committed to 80.4% of capacity under construction. Average asking rents for deployments requiring three to ten megawatts rose 8.3% during the first half. Those figures suggest that demand persists to absorb new supply. But preleasing cannot eliminate construction delays or guarantee a project's eventual profitability.
The next phase could require substantial financing. In its 2026 Global Data Center Market Outlook, JLL projects roughly 100 gigawatts of additional capacity between 2026 and 2030. It estimates approximately $1.2 trillion in real estate investment and another $1 trillion to $2 trillion in tenant equipment spending. These estimates cover different parts of the buildout. So investors should not add them to unrelated spending forecasts. They still show why investors must weigh financing needs alongside projected demand. More capacity can create sales opportunities. It can also raise interest costs, depreciation and competition.
Construction costs add another constraint since JLL forecasts an average shell-and-core construction cost of $11.3 million per megawatt in 2026, up 6% from 2025. That figure excludes the tenant's technology fit-out, which can cost as much as $25 million per megawatt for AI infrastructure. Therefore, the buildout reaches well beyond processors: electrical installation, cooling and site development all influence the cost and timing of new facilities. 7 Best Data Center Engineering and Construction Stocks To Buy examines that part of the supply chain.
Meanwhile, the IEA's April 2026 analysis projects that global data center electricity consumption will roughly double from 485 terawatt-hours in 2025 to 950 terawatt-hours in 2030. It expects AI-focused facilities to grow faster but warns that equipment shortages and grid constraints could limit near-term expansion.
That distinction matters when searching for cheap stocks. A low forward price-to-earnings ratio depends on an earnings forecast that may change. Investors should ask whether growth comes from sustainable customer demand, favorable component pricing, acquisitions or unusually strong margins. Our 8 Most Undervalued AI Stocks to Buy According to Hedge Funds offers another perspective on that valuation question.
A new data center facility in Plano, Texas. Photo from CoreWeave
Comfort Systems made the list with a forward P/E of 18.29× and year-over-year quarterly revenue growth of 53.7% in our November 2 screen. Those figures met our requirements for U.S.-listed AI data center operators and suppliers of a positive forward P/E below 20 and at least 15% quarterly revenue growth. Insider Monkey counted 25 billionaire investors in Comfort Systems in Q2 2026, placing it eighth among the qualifying stocks.
Comfort Systems USA, Inc. (NYSE: FIX )'s growth comes with unusually strong cash generation. It reported third-quarter revenue growth of 53.7%, bringing sales to $3.77 billion from $2.45 billion a year earlier. Net income increased to $489.0 million from $291.6 million, and diluted EPS reached $13.91, versus $8.25. Operating cash flow rose to $1.01 billion from $553.3 million.
The mechanical and electrical contractor connects directly to the infrastructure buildout. In its third-quarter filing, Comfort said demand had strengthened, particularly in technology and data centers. That gives investors relevant exposure. 7 Best Data Center Engineering and Construction Stocks To Buy offers comparisons across the construction chain.
Backlog reached $17.81 billion at September 30, compared with $14.06 billion three months earlier. The increase supports future activity, although project cancellations, labor shortages and incorrect cost estimates can keep backlog from delivering expected profits.
The electrical segment grew 84.8% to $1.18 billion, while mechanical revenue increased 42.7% to $2.58 billion. Technology-sector activity helped drive growth in both businesses, and Comfort identified data centers as a particularly strong source of demand.
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