Datacentre capex will hit $1.7 trillion in 2030, says Dell’Oro.
Hyperscale and neo cloud service providers, along with sovereign AI initiatives, are entering a new phase of infrastructure expansion.
“The Top 4 US hyperscale cloud service providers—Amazon, Google, Meta, and Microsoft—entered 2026 with strong momentum, raising combined data center capital expenditures to nearly $600 billion,” says Dell’Oro’s Baron Fung, “despite increased scrutiny around AI infrastructure returns, hyperscalers continue to invest aggressively, supported by large cash reserves and a long-term focus on market share.”
This growth is being driven by the deployment of larger and more complex AI clusters, which are increasing demand for high-performance networking, storage, inference capacity, and advanced power and cooling infrastructure.
“Beyond the Top 4 US hyperscale cloud service providers, AI model builders, neo cloud providers, and sovereign cloud initiatives are accelerating their own data center deployments,” adds Fung, “as a result, global datacentre capex is expected to approach $1 trillion in 2026, reaching a major industry milestone sooner than anticipated.@
Accelerated servers for AI training and domain-specific workloads could account for approximately two-thirds of total data center infrastructure spending by 2030.
While the Top 4 US hyperscalers are expected to represent about half of global data center capex by 2030, emerging AI model builders and neo cloud service providers are projected to grow at significant rates.
Outside hyperscale, enterprise data center investment remains constrained by tariffs, monetary policy, and uncertain AI returns.
