No Secrets for Data Centers Act of 2026
Summary
HR10570, the No Secrets for Data Centers Act of 2026, would limit enforceability of nondisclosure clauses in data center construction contracts involving public incentives. The bill is in early committee stage with bipartisan sponsorship but faces a long legislative path. Near-term market impact is minimal, but it signals growing scrutiny of data center secrecy that could affect future project economics for pure-play data center REITs like $EQIX and $DLR.
See which stocks are affected
Key takeaways, market implications, full AI analysis, and connected signals are available to HillSignal members.
Already have an account? Log in
Key Takeaways
- 1.HR10570 is in early legislative stages with bipartisan support but faces a long path through three committees.
- 2.The bill targets nondisclosure clauses in data center construction contracts involving public incentives, potentially increasing transparency.
- 3.Pure-play data center REITs ($EQIX, $DLR) are most exposed, but near-term financial impact is negligible given the bill's procedural status.
Market Implications
The bill's early stage and lack of funding provisions mean no direct market impact on energy or technology stocks in the near term. For data center REITs like $EQIX and $DLR, the bill introduces regulatory uncertainty around incentive negotiations, but their diversified portfolios and scale provide buffers. Investors should watch for committee hearings or markups that could signal momentum; until then, the bill is a low-priority factor for these tickers.
⚡ Government Convergence
Active government convergence in this signal’s sector right now.
Over the last 90 days, 88 separate government actions have converged on AI Compute / Datacenter Power. What that means: federal dollars are already moving — agencies are soliciting bids and awarding contracts, not just talking, and legislation and executive action are building the policy and funding tailwind behind it. When independent channels move together like this — 35 procurement notices, 25 bills, 22 federal contracts, 3 SEC filings and 3 patents — it's the clearest early tell that Washington is committing to ai compute / datacenter power, the kind of build-up that reshapes the sector well before it's obvious in the headlines.
Converging government actions
- BillUnleashing Low-Cost Rural AI Act · 2025-09-09
- BillClean Cloud Act of 2025 · 2025-11-20
- BillData Center Transparency Act · 2026-01-08
- ContractCLARK/SMOOT/CONSIGLI, A JOINT VENTURE: IGF::OT::IGF PRE-CONSTRUCTION SERVICES, NATIONAL AIR&SPACE MUSEUM REVITALIZATION · 2026-03-17
- Procurement notice7C20--Data Center and Telecommunications Modernization (VA-26-00039374) · 2026-05-15
- Procurement noticeInstallation of Dedicated 120VAC and 240VAC Receptacles for Data Center Re-cabling Project · 2026-06-10
- Procurement noticeY1DA--573-21-106 EHRM Infrastructure Upgrades and Data Center Construction - Gainesville VAMC · 2026-06-26
- Procurement noticeY1DA--534-24-706 EHRM Data Center Upgrades Construction - Charleston · 2026-07-21
- ContractACCENTURE FEDERAL SERVICES LLC: DATA CENTER SUPPORT SERVICES FOR THE OFFICE OF INFORMATION&TECHNOLOGY. IGF::OT::IGF · 2026-09-08
- ContractGENERAL DYNAMICS INFORMATION TECHNOLOGY, INC.: OPERATE AND MAINTAIN THE OBIM INFRASTRUCTURE COMPONENTS AND ASSOCIATED APPLICATIONS AND OTHER FUNCTIONALITY OF THE PRODUCTION AND NON-PRODUC · 2026-09-17
- ContractPERATON ENTERPRISE SOLUTIONS LLC: IGF::OT::IGF: FEDERAL STUDENT AID'S VIRTUAL DATA CENTER, PROVIDING CENTRALIZED HOSTING AND MANAGEMENT OF ELECTRONIC DATA AND COMPUTER APPLIC · 2026-09-29
- ContractCA, INC.: NEW 66 MONTH OPEN-MARKET CONTRACT FOR RENEWAL OF CA SOFTWARE, SUPPORT SERVICES, AND MAINTENANCE. CA PROPRIETARY SOFTWARE PRODUCTS ARE USED E · 2026-09-30
- ContractCLOUDSHAPE LLC: DATACENTER · 2026-09-30
- ContractPERATON ENTERPRISE SOLUTIONS LLC: DATA CENTER BRIDGE VI ORDER FOR CONTINUITY OF OPERATIONS · 2026-09-30
Full Analysis
The No Secrets for Data Centers Act of 2026 (HR10570) was introduced on September 24, 2026, by Rep. Landsman (D-OH) with bipartisan cosponsors Rep. Barrett (R-MI) and Rep. Raskin (D-MD). The bill has been referred to three committees: Judiciary, Energy and Commerce, and Ways and Means, indicating its cross-jurisdictional nature. As an early-stage bill, it has not yet seen committee hearings or markups, and its path to enactment is uncertain.
The bill's core mechanism is to void predispute nondisclosure clauses in contracts related to building data centers when a public official is a party or when public funds, land, or incentives are involved. It also prohibits public incentives conditioned on consent to nondisclosure. This targets the growing practice of data center operators using confidentiality agreements to shield project details—such as energy use, water consumption, and tax breaks—from public scrutiny. The bill defines a data center as any facility or group of facilities with a maximum rated power capacity greater than 50 megawatts, focusing on hyperscale developments.
No direct funding is authorized or appropriated by this bill. Its impact is regulatory and contractual, not fiscal. The primary affected parties are data center operators that rely on state and local economic development incentives, as well as contractors and public officials involved in such deals. For pure-play data center REITs like Equinix ($EQIX) and Digital Realty ($DLR), the bill could reduce their ability to keep building terms confidential, potentially affecting their negotiation leverage and the value of incentives. However, these companies operate large, diversified portfolios, and the bill's early stage means no immediate operational changes are required.
The bill's bipartisan sponsorship and referral to multiple committees suggest it addresses a recognized concern about data center transparency, particularly around environmental and fiscal impacts. However, similar bills have historically faced opposition from the data center industry and economic development agencies that value confidentiality in incentive negotiations. The legislative timeline is uncertain; if it advances, it would likely face amendments to narrow its scope or exempt certain commercial agreements. For now, the bill is a signal of potential future regulatory shifts rather than an immediate market event.
Intelligence Surface
Cross-referenced against federal contracts, SEC insider filings & congressional trade disclosures
No confirming evidence found yet from contracts, insider trades, or congressional activity
What the bill does
Voids predispute nondisclosure clauses in contracts related to building data centers when public funds, land, or incentives are involved.
Who must act
Data center operators (e.g., Equinix) that accept public incentives for data center construction.
What happens
Equinix must disclose building terms and conditions that were previously confidential, potentially increasing public scrutiny and reducing negotiating leverage in future incentive agreements.
Stock impact
Equinix's development projects relying on state/local incentives may face increased transparency, potentially reducing the value of incentives or altering project economics. However, Equinix's diversified portfolio and scale may mitigate impact.
What the bill does
Voids predispute nondisclosure clauses in contracts related to building data centers when public funds, land, or incentives are involved.
Who must act
Data center operators (e.g., Digital Realty) that accept public incentives for data center construction.
What happens
Digital Realty must disclose building terms and conditions that were previously confidential, potentially increasing public scrutiny and reducing negotiating leverage in future incentive agreements.
Stock impact
Digital Realty's development projects relying on state/local incentives may face increased transparency, potentially reducing the value of incentives or altering project economics. However, Digital Realty's diversified portfolio and scale may mitigate impact.
Key Legislators
Connected Signals
Matched on shared policy language across AI analyses, with ticker & timing weight
FREQUENTIS USA, INC: $594M Department of Transportation Contract
THE VIRGINIA DEPARTMENT OF ENERGY: $197M Department of Energy Grant
BREX Net Lease Data Center I DST
BREX Net Lease Data Center I DST
FREQUENTIS USA, INC: $282M Department of Transportation Contract
BREX Net Lease Data Center I DST
Fusion Data Centers Inc.
Andreessen Horowitz Fund X-B - AI Infrastructure, L.P.
Related Presidential Actions
Executive orders & memoranda affecting the same sectors or companies
Streamlining Access to Government Services Through America.gov
The executive order directs the General Services Administration to create America.gov, a unified digital portal for federal services, integrating Login.gov for authentication and requiring agencies to expose their digital services via APIs. It also mandates the use of AI (referred to as 'super intelligence') with transparency safeguards, while preserving existing service channels and excluding tax and defense/intelligence services.
Enhancing Program Integrity and Integrity and Interagency Coordination in the Administration of the H-1B Nonimmigrant Visa Program
This executive order directs the Secretaries of State, Labor, and Homeland Security to coordinate with Commerce, Education, and the SBA when processing H-1B petitions, and requires them to consider whether the employer has engaged in layoffs of similarly situated U.S. workers within the past year. It also orders the Labor Department to review past labor condition applications for potential enforcement actions against sponsoring employers, effectively tightening scrutiny on H-1B usage, especially by outsourcing firms.
Restriction on Entry of Certain Nonimmigrant Workers
This proclamation extends for an additional 12 months the existing restriction on entry of H-1B nonimmigrant workers, which requires a $100,000 payment per petition (with limited exceptions) and is supported by a DHS weighted selection process that prioritizes higher-skilled, higher-paid workers. The action continues to target IT staffing and outsourcing firms that have abused the program, and it maintains the requirement for ongoing rulemakings by DHS and DOL to further reform wage protections and program integrity.
Free — no credit card
Get the next market-moving signal before the news does
HillSignal scores every Congressional bill, federal contract, and insider filing for market impact and emails you the high-conviction ones — free, no credit card.
Weekly digest — the congressional activity that actually moved markets that week, in plain English. Free, one email.
Free forever plan · No credit card · Unsubscribe in one click
Want the live terminal too? Create a free account →