JPMorgan Global Research just put a number on the AI buildout, and it’s staggering. The firm’s midyear 2026 outlook projects global AI and data center capital expenditure will reach at least $5 trillion by 2030, with a potential ceiling of $7 trillion.
The numbers behind the buildout
Hyperscalers, think Microsoft, Amazon, and Alphabet, are forecast to spend $342 billion in capital expenditure in 2025. That represents a 62% year-over-year increase. Cumulatively, hyperscaler spending is expected to reach between $650 billion and $697 billion through 2026.
On the physical infrastructure side, 122 gigawatts of new data center capacity is planned for development between 2026 and 2030. Data center construction has already hit a $40 billion annualized run rate as of mid-2025, up 30% year-over-year.
JPMorgan estimates roughly $150 billion in leveraged finance tied to AI and data centers over the next five years. Investment-grade bonds linked to these sectors could reach $1.5 trillion in the same timeframe.
