Global spending on data centers will reach $1 trillion in 2026 and could double by 2028, driven by the explosion of artificial intelligence

Global data center spending could reach $1 trillion in 2026 and could double by 2028 to $2.1 trillion, according to estimates by BofA Global Research. Growth is being driven primarily by rising demand for artificial intelligence services and applications.

The market, valued at $275 billion in 2022, could reach $2.93 trillion by 2030. Analysts anticipate a compound annual growth rate of 37% between 2025 and 2030, particularly in the United States.

The expansion of infrastructure is creating opportunities for manufacturers of chips, servers, generators, construction equipment, switches, and cooling systems. The cost of building a data center is estimated at $49 million per megawatt, while IT infrastructure accounts for 78% of the total investment.

Data centers specializing in artificial intelligence, known as “Neoclouds,” cost approximately $57 million per megawatt. Servers are the most expensive component, at $31.4 million per megawatt, followed by network infrastructure, valued at $4.8 million.