Data center spending to more than double to $2.1 trillion by 2028, BofA says
QQQ•Global data center spending is expected to reach $1 trillion in 2026 and more than double to $2.1 trillion by 2028, BofA Global Research estimated. It said the market could reach $2.93 trillion by 2030, with AI driving a 37% annual growth rate from 2025 to 2030.
1. Spending outlook
Global data center spending is expected to reach $1 trillion in 2026 and more than double to $2.1 trillion by 2028, BofA Global Research estimated in a note. The market, valued at $275 billion in 2022, could reach $2.93 trillion by 2030, with AI driving a 37% market-wide compound annual growth rate from 2025 to 2030, the brokerage said.
2. Buildout costs
BofA estimated data center construction costs at $49 million per megawatt, with IT-related expenses accounting for 78% of total spending. Servers are the costliest component at $31.4 million per megawatt, followed by networking at $4.8 million; AI-focused data centers cost about $57 million per megawatt but require less space than traditional facilities.
