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Growing investment requirements for AI-led data centre development are expected to increase the role of private infrastructure and real estate capital in the coming years, according to Goldman Sachs. The brokerage has raised its capital expenditure forecast for the world’s four largest hyperscale technology companies to USD 5.3 trillion between FY2025 and FY2030. As funding needs rise, companies are expected to access a wider range of public, securitised and private financing channels. Goldman also anticipates stronger growth in private infrastructure assets, supported by increasing demand for data centres, power networks and related digital infrastructure.
The rapid expansion of artificial intelligence infrastructure is expected to create significant financing opportunities for private infrastructure and real estate investors, according to a recent note by Goldman Sachs.
The brokerage has increased its combined capital expenditure forecast for the four largest hyperscale technology companies—Meta, Microsoft, Amazon and Alphabet—to USD 5.3 trillion between FY2025 and FY2030. This marks a substantial increase from its earlier estimate of USD 4.5 trillion for the same period.
The revised forecast reflects the growing investment required to support AI adoption, cloud computing expansion and the construction of large-scale data centre infrastructure. Industry participants have increasingly highlighted the need for significant spending on computing capacity, energy infrastructure and advanced equipment to support next-generation AI applications.
Goldman said companies are likely to diversify their funding sources by accessing public markets, securitised financing structures and private capital pools to meet these large capital requirements. It noted that private infrastructure and real estate investors are expected to play a more prominent role as demand for data centre development accelerates globally.
The brokerage observed that traditional distinctions between infrastructure and real estate are becoming less defined as data centre projects increasingly combine multiple asset classes, including land, power systems, buildings and specialised equipment. This convergence is creating new opportunities for institutional investors seeking exposure to long-term digital infrastructure assets.
According to Goldman, private infrastructure continues to benefit from predictable income streams and characteristics that can provide protection against inflation. These features are expected to support additional capital inflows into the sector over the coming years.
The firm also noted that infrastructure remains positioned at the centre of several long-term growth drivers, including rising digitalisation, increasing data consumption, AI adoption and growing energy requirements associated with data centre operations.
Goldman estimated that the private infrastructure market expanded at an annualised rate of around 11.5% between 2021 and 2024. Looking ahead, it expects growth to accelerate and potentially approach the 16% to 17% annualised rate recorded during much of the 2012–2021 period.
If that pace is sustained, infrastructure assets under management could comfortably exceed USD 3 trillion by 2030, reflecting the sector’s growing importance in financing the next phase of AI and digital infrastructure development.
Source Reuters
5th Jun, 2025
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