根据研究机构 SemiAnalysis 的数据，字节跳动（ByteDance）占了中国数据中心总容量的大约五分之一，并且几乎租用了所有这些数据中心。该公司表示，这使得字节跳动成为中国所有数据中心运营商的关键客户。SemiAnalysis 在周五发布的一份报告中得出了这一结论。
ByteDance occupies roughly a fifth of China’s delivered data centre capacity, and it rents nearly all of it, according to research firm SemiAnalysis. That makes the TikTok owner the key customer for every wholesale data centre operator in China, the firm said. It published the estimate in a report on Friday.
该机构的估算基于其新开发的“中国数据中心模型”（China Datacenter Model），该模型追踪了由 60 多家运营商运营的 1,000 多个数据中心设施。据 SemiAnalysis 统计，中国的数据中心总容量已超过 24 吉瓦（GW），这一数字超过了欧洲、中东和非洲地区的总容量（约 14 吉瓦）。
The estimate comes from SemiAnalysis’ new China Datacenter Model, which tracks more than 1,000 facilities run by over 60 operators. By its count, China has more than 24GW of data centre capacity. That is more than the roughly 14GW across Europe, the Middle East and Africa, the firm said.
SemiAnalysis 在报告中指出：“最大的数据中心租户并未公开其财务数据；其中一些最大的数据中心所有者也从未在公开市场上进行过融资或上市。”
“The biggest tenant files no 10-K. Several of the largest landlords have never listed,” SemiAnalysis wrote.
报告还显示，阿里巴巴（Alibaba）、腾讯（Tencent）和百度（Baidu）在第二季度的资本支出合计达到了 200 亿美元，这一数字是上一年的两倍多。这三家公司在该季度都出现了负的自由现金流（即现金支出超过了现金收入），这是有记录以来的首次。
Capex has doubled Alibaba, Tencent and Baidu spent a combined $20bn on capital expenditure in the second quarter, the report said. That is more than double the figure a year earlier. All three posted negative free cash flow in the same quarter, a first on record.
由于字节跳动是一家私营企业，因此并未公开其具体的资本支出情况。SemiAnalysis 估计，包括字节跳动在内的这四家公司2024年的总支出约为 350 亿美元，2025年则超过了 500 亿美元；预计今年它们的总支出将达到 1000 亿美元。该公司还提到，字节跳动的“抖音助手”（Doubao）每月有 3.45 亿用户使用。
ByteDance is private and does not publish its spending. With ByteDance included, the four companies spent roughly $35bn in 2024 and more than $50bn in 2025, SemiAnalysis estimates. They are on course for $100bn this year. ByteDance’s Doubao assistant serves 345 million monthly users, the firm said.
报告中指出，GDS 和 VNET 是仅有的两家在美国上市的中国数据中心运营商；它们在 2026 年上半年签订了约 1.3 吉瓦的数据中心租赁合同。然而，从 2024 年到 2026 年期间，这两家公司仅获得了字节跳动和阿里巴巴三分之一的订单量。
GDS and VNET, the only two Chinese data centre landlords listed in the US, signed about 1.3GW of wholesale orders in the first half of 2026. Even so, they won only about a third of ByteDance and Alibaba orders from 2024 to 2026, the report said.
SemiAnalysis 表示，中国的数据中心建设速度非常快：一些数据中心在不到 12 个月内就能建成并投入使用。而在美国，类似的建设项目通常需要 12 到 13 个月才能完成；此外，中国的数据中心在建设前所需的审批时间仅为 3 到 6 个月，而美国则需要更长的时间。
Built fast, and moving west China routinely delivers 100MW facilities in under 12 months, SemiAnalysis said. Permits before construction take three to six months, against 12 to 13 months in the US.
在2022年出台的“东数西算”政策推动下，许多新建项目正在转向内陆。该公司表示，内蒙古已成为大型人工智能园区的首选建设地，电价约为中国最大城市的一半。字节跳动在大同、芜湖和内蒙古运营自有园区，并于7月在宁夏设立了两个实体。
Much of the new construction is going inland, under a 2022 policy called “Eastern Data, Western Compute”. Inner Mongolia has become the default site for large AI campuses, with power at roughly half the price of China’s biggest cities, the firm said. ByteDance runs its own campuses in Datong, Wuhu and Inner Mongolia, anded two entities in Ningxia in July.
老旧算力设施的情况则截然不同。SemiAnalysis表示，大城市附近的传统零售机架使用率仅为30%至50%，通常不适合部署人工智能服务器。
Older capacity is a different story. Legacy retail racks near the big cities run at 30% to 50% use and are often unfit for AI servers, SemiAnalysis said.
该公司写道：“人工智能时代正在全面到来，传统零售算力却未能参与其中。”
“The AI era is wholesale. The legacy retail stock is not participating,” the firm wrote.
中国超大规模云服务商也在海外租赁更多算力。SemiAnalysis预计，从2026年到2029年，这些企业的海外租赁算力将翻一番，接近4吉瓦。据《金融时报》报道，字节跳动还拿下了Nscale 2025年销售额的近75%。在国内，据报道，北京可能允许字节跳动和阿里巴巴购买新的英伟达芯片。
Chinese hyperscalers are also leasing more abroad. SemiAnalysis expects their overseas leased capacity to double from 2026 to 2029, to nearly 4GW. ByteDance also brought in nearly 75% of Nscale’s 2025 sales, the FT reported. At home, Beijing may reportedly let ByteDance and Alibaba buy new Nvidia chips.