Bank of America projects data center spending will hit $2.1T by 2028
Bank of America Global Research forecasts that global data center spending will exceed $1 trillion in 2026 and reach $2.1 trillion by 2028. The projected surge is driven by the computing capacity needed to train and run advanced AI systems. The bank expects AI demand to fuel a 37% compound annual growth rate from 2025 to 2030.
Bank of America Global Research, in a note reported Friday, estimates global data center outlays will cross $1 trillion in 2026 and reach $2.1 trillion two years later. It also sees the market expanding from $275 billion in 2022 to as much as $2.93 trillion by 2030, with AI demand supporting a 37% annual growth rate from 2025 to 2030.
The bank pegs development at about $49 million per megawatt, with IT gear making up 78% of costs. Servers alone account for roughly $31.4 million per megawatt, networking about $4.8 million, and AI-oriented sites near $57 million. Electrical, backup-power, and cooling components add further demand.
The spending shift could affect utility customers and local communities as power and cooling demands rise, while construction, electrical-equipment, and engineering workers may see new job opportunities. Businesses and consumers may face changing costs as AI services expand, and investors could reassess risks tied to long-lived infrastructure. The scale also may intensify scrutiny of energy use, land needs, and supply-chain capacity, though outcomes remain uncertain.