Moody's Ratings projects global investment of at least $3 trillion over the next five years to support the rapid growth of data center capacity and the advancement of artificial intelligence, driven mainly by investments from large hyperscale technology companies. According to the '2026 Outlook for Data Centers,' investment by the six U.S. hyperscale companies reached nearly $400 billion in 2025 and is set to increase to $500 billion in 2026 and $600 billion in 2027, reflecting the acceleration in digital infrastructure spending. The report notes that data center capacity continues to grow at double-digit rates globally, while tenants are rapidly monetizing new spaces, largely thanks to pre-lease contracts with major tech companies, which reduces the risk of idle capacity. However, Moody's warns that the development faces significant limitations, including regulatory risks and energy access constraints, factors that are slowing projects in some markets and generating local opposition due to electricity and water consumption. The document also indicates that tenants are taking on greater risks to accelerate project completion times, in a context of rising construction risks, high costs of specialized labor, and supply chain pressures. Another significant challenge identified by the rating agency is the high cost of Graphics Processing Units (GPUs), which is leading developers and users to seek alternative financing sources beyond traditional ones, given the magnitude of capital required for AI-oriented infrastructure. According to Moody's, these factors will continue to shape the global data center market in the coming years, in a scenario where the speed of commercialization, energy access, and the strength of counterparties will be decisive in sustaining the sector's growth.
