Bank of America: data center market to top $2 trillion by 2028

Bank of America Global Research estimates global data center spending crossed $1 trillion in 2026 and will reach $2.1 trillion by 2028 at a 37% CAGR, hitting $2.93 trillion by 2030. Standard facilities cost about $49 million per megawatt to build, while AI-optimized neoclouds run $57 million per megawatt.

• Market to grow from $1 trillion in 2026 to $2.93 trillion by 2030
• Standard data center costs $49M per MW; AI facility $57M per MW
• Servers account for 64% of project cost at $31.4M per MW
• US hyperscaler capex in 2026 projected at $650–725 billion