Executive Summary
- •BofA Global Research estimates global data center spending will hit $1T in 2026 and more than double to $2.1T by 2028.
- •AI-focused neoclouds cost about $57M per megawatt compared to $49M per megawatt for standard facilities, with servers alone costing an estimated $31.4M per megawatt.
- •The brokerage projects the total data center market could reach $2.93T by 2030, growing at a 37% CAGR between 2025 and 2030.
When $31.4M of every $49M megawatt goes straight into servers that depreciate in a few years, the "infrastructure boom" is mostly a recurring hardware tax paid to chipmakers.
Key Developments & Data
Zubiqo Strategic Assessment
Primary Impact
US chipmakers, server developers, and industrial manufacturers of power generation, switchgear, and cooling systems capturing the bulk of AI infrastructure capital expenditure.
Strategic Shift
Data center economics are heavily concentrating into IT silicon rather than real estate, with servers and networking accounting for over $36M of the $49M-to-$57M per-megawatt build cost.
The Ripple Effect
Even as physical space requirements shrink for dense AI neoclouds, spending $57M per megawatt means capital intensity per facility will continue to rise sharply through 2030 if BofA's 37% CAGR projection holds.
This intelligence assessment is generated by Zubiqo's AI for informational purposes only.
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