MEC’s Data Center Revenue Rockets 173% as AI Buildout Fuels Demand

While many property-tech companies talk about software, the real action in Q2 2026 was in the physical building of data centers. Mayville Engineering’s earnings provided a ground-floor view: its data center segment grew 173% organically, new awards hit $40 million for future delivery, and the company is straining capacity to meet demand. For proptech investors, this is a clear sign that the AI-driven construction cycle has years to run.

In the second quarter of 2026, a diverse cohort of companies spanning biopharma, financial exchanges, renewable fuels, industrial manufacturing, and public-safety technology reported earnings that collectively underscore how targeted secular tailwinds—from AI-driven data center construction to clean energy policy and volatility in options markets—can propel growth even in a mixed economic environment.

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Revenue surged to $72.5 million from $24.2 million a year earlier, powered by $50.4 million in ZUSDURI net product revenue, a 73% sequential gain over the first quarter.

Urogen Pharma (URGN) turned a corner with the commercial launch of ZUSDURI, a treatment for low-grade non-muscle invasive bladder cancer. Revenue surged to $72.5 million from $24.2 million a year earlier, powered by $50.4 million in ZUSDURI net product revenue, a 73% sequential gain over the first quarter. The expanding prescriber base—1,444 activated accounts by June, with repeat prescribers nearly doubling to 204—signals deepening physician confidence and market penetration. Crucially, about 55% of ZUSDURI’s use now occurs in community urology practices, aligning with management’s estimate that 70% of the addressable market lies in that setting, indicating a long runway for growth. The company also made progress reducing the enrollment-to-treatment cycle to a targeted 2–3 weeks, which could further accelerate adoption.

Miami International (MIAX) rode elevated market volatility to record results. Net revenue jumped 35% to $141 million, and adjusted EBITDA margin widened to 54% from 47%. Options average daily volume hit 11 million contracts, up 25%, with revenue per contract rising to $0.124. While market share slipped sequentially to 16.5%, management flagged a rebound to 17.1% in July, suggesting the second-quarter RPC may moderate later in the year. Geopolitical tensions, trade-policy uncertainty, and AI-related swings fueled demand for risk-management tools, providing a clear demonstration of how exchange operators benefit when markets tremble. The launch of Bloomberg-branded financial futures adds a new product dimension, though options remain the dominant revenue engine.

In the clean energy space, Alto Ingredients (ALTO) delivered its fourth consecutive profitable quarter, buoyed by multiplying crush margins—$0.33 per gallon versus $0.11 a year ago—and federal 45Z tax credits. Ethanol sales volumes edged up to 88.5 million gallons with a 10% higher average price, driving a $19 million swing in gross profit to $17 million. CEO Bryon McGregor emphasized that the company was profitable even without the credits, reflecting a strategic realignment toward higher-value specialty alcohols and a leaner cost structure. The result demonstrates the tangible impact of the low-carbon fuel standard on biofuel producers, though temporary headwinds from planned maintenance outages at the Pekin and ICP facilities added $2 million in repair costs.

Industrial manufacturer Mayville Engineering (MEC) rode a data center boom, with organic revenue in its data center and critical power segment soaring 173% year-over-year. The acquisition of Accu-Fab contributed to overall sales growth of 23%, but even organically, revenue rose 9.2%. While launch costs suppressed adjusted EBITDA margin to 8.1%, the pipeline is massive: over $125 million in qualified opportunities and $50–60 million in 2026 launches. New awards for power distribution units and switchgear point to a multiyear expansion, and MEC expects this segment to comprise 20% of 2026 revenue. The story illustrates how the electrification of the economy and AI infrastructure build-out are creating a broad-based industrial renaissance, though capacity constraints and workforce investments must be carefully managed.