Data center spending to more than double to $2.1 trillion by 2028, BofA says
BofA Global Research forecasts global data center spending will reach $1 trillion in 2026 and exceed $2.1 trillion by 2028, largely because of AI demand. The analysis highlights rising construction, power, cooling and server costs, with the United States among the major beneficiaries of the buildout.
BofA Global Research estimates that global data center spending will reach $1 trillion in 2026 and more than double to $2.1 trillion by 2028. The broader market, valued at $275 billion in 2022, could grow to $2.93 trillion by 2030 as demand for AI services accelerates construction.
The brokerage estimates data center construction costs at $49 million per megawatt, with IT expenses accounting for most spending. Servers, networking equipment, generators, switchgear and cooling systems are expected to benefit industrial and technology suppliers, particularly in the United States. The article includes a file photo of an Amazon data center in Thane, India, but does not report on a specific Amazon project.