Overview
- U.S. data center construction outlays doubled from 2024 to 2025 and are projected to reach about $86 billion in 2026, which Moca Systems identifies as the peak year.
- GlobalData and Dodge Data & Analytics corroborate a near‑term plateau, while Meta’s Mark Zuckerberg and Microsoft CFO Amy Hood signal a shift from new builds to GPUs and CPUs.
- Post‑peak budgets are forecast to decline gradually toward roughly $63 billion by 2030, remaining far above pre‑AI levels in 2022.
- Power access is emerging as the key constraint, with Canadian grids cited as choke points and developers in places like Texas pursuing self‑powered hubs using gas, renewables or hydrogen.
- REIT and infrastructure investors are targeting sites with favorable electricity and permitting, exploring secondary markets such as Mumbai, Madrid and Stockholm, and converting high‑power industrial assets to data center use.