2026 aggregate: Projected to exceed $600 billion (36% increase), with ~75% ($450B) directly tied to AI infrastructure
Some analysts project total 2026 AI capex as high as $690 billion when including non-hyperscaler spending
Hyperscalers
Company
2025 CapEx
2026 CapEx (proj.)
Key AI Datacenter Moves
Amazon / AWS
~$100-110B
~$200B
38 regions, 100+ AZs, 27 countries. New regions in Saudi Arabia ($5.3B), Germany (EUR 7.8B sovereign cloud), Chile ($4B+)
Microsoft / Azure
~$80-88B
~$120B+
Custom Azure Maia 100 AI accelerators, 120,000 miles of dedicated fiber, IREN deal ($9.7B for 200MW)
Google / Alphabet
~$75B
~$175-185B
42 regions, 127 AZs. New regions in Sweden, South Africa, Mexico, Turkey ($2B). Expanded to Kuwait, Malaysia, Thailand
Meta
$70-72B
~$115-135B
Prometheus cluster in Ohio (1 GW). Hyperion in Louisiana (up to 5 GW). $600B US infrastructure plan through 2028
Oracle
~$30B
~$50B
147 active DCs, 64 under development. Stargate partner. 450,000+ NVIDIA GB200 GPUs at Abilene campus
Colocation Providers
Colocation market: $104 billion in 2025, projected $204 billion by 2030 (14.4% CAGR). US operators expected to add 23.2 GW of capacity between 2025 and 2030.
Provider
Scale
Key Facts
Equinix
~270 DCs globally
10,000+ customers, 59 construction projects across 34 cities in 25 countries
Digital Realty
Top 3 globally
Leading colocation + interconnection platform
QTS (Blackstone)
Top 5 US
Taken private by Blackstone; major hyperscale builds
CyrusOne
50+ facilities
Repositioned as AI-ready colocation leader across US, Europe, Japan
Neoclouds / GPU Cloud Providers
GPU-as-a-service market: $3.23 billion in 2023, projected to grow to $49.84 billion by 2032 (36% CAGR).
Meta Hyperion (Louisiana): Up to 5 GW over several years
CoreWeave Project Horizon (West Texas): Up to 2 GW, first 250MW online by end-2026
The Inference Shift
Inference accounted for 50% of all AI compute in 2025, jumping to an estimated two-thirds in 2026 (Deloitte). The inference-optimized chip market will grow to $50 billion+ in 2026. AWS Bedrock is already a "multibillion dollar business." See Emerging Trends: Inference vs Training for details.
GPU Cloud Pricing (March 2026)
GPU
Purchase Price
Cloud Rate (on-demand)
Trend
H100 80GB
~$25K-31K
$2.00-3.93/hr
Falling; expected below $2/hr by late 2026
H200
~$30K-40K
$3.72-10.60/hr
Expected to soften 10-15% in 2026
B200 (Blackwell)
$45K-55K
$4.90-7.07/hr
Sold out through mid-2026; 3.6M unit backlog
Global Capacity & Geography
Capacity Growth
2024: ~45,676 MW live IT capacity
2025: ~103 GW total (AI: 44 GW, non-AI: 38 GW)
2026 projected: ~66,504 MW live IT capacity (45% increase from 2024)
The largest datacenter deal ever, doubling the previous record of $16.1B. Part of the AI Infrastructure Partnership (GAIIP).
Middle East Sovereign Investments
Saudi Arabia: $77B total DC investment. AWS $5.3B, Google/PIF $10B, Oracle $1.5B
UAE: G42 + OpenAI/Nvidia/Oracle Stargate UAE (5 GW). Microsoft $15.2B investment by 2029
European Sovereignty
EU InvestAI: EUR 200B mobilized for AI, including EUR 20B fund for AI gigafactories
AWS European Sovereign Cloud in Germany: EUR 7.8B through 2040
Market Dynamics
Supply Constraints
Blackwell B200/GB200: Sold out through mid-2026, 3.6 million unit backlog. 18+ month wait for frontier-scale hardware
H100/H200: Supply eased from 2023-2024; broadly available at lower prices
Power: The single biggest bottleneck. 36+ projects ($162B) blocked or delayed due to power availability
Memory: Structural HBM supply shortage affecting GPU production. See AI Chips: Memory
Pricing Trends
H100 cloud rates falling from $4+/hr (2024) to $2-3/hr (early 2026), expected below $2/hr by late 2026
Major cloud providers cut GPU instance prices by up to 45% through 2025
Multi-year GPU reservations expiring in 2026 will release additional inventory
Power Demand
Goldman Sachs: DC power needs to rise 50% by 2027 and 165% by 2030 vs. 2023
AI DCs projected to consume 9% of US power by 2030
Hyperscalers raised $108B in debt during 2025, with projections of $1.5T in debt issuance
Training-to-Inference Shift
The single biggest market dynamic. Inference now dominates compute demand (50% in 2025, 66% projected 2026). This favors different hardware profiles and opens the market to new entrants beyond NVIDIA. See full analysis.
Key Sources
Fortune Business Insights — Data Center Market Report
Grand View Research — Data Center Market Analysis
IEEE ComSoc — Hyperscaler CapEx $600B in 2026
Futurum Group — AI Capex 2026: The $690B Infrastructure Sprint
MarketsandMarkets — AI Data Center Market & AI Inference Market