Goldman Sachs increased its combined capital expenditure forecast for the four largest hyperscalers—Meta, Microsoft, Amazon, and Alphabet—to $5.3 trillion between fiscal years 2025 and 2030, up from a prior estimate of $4.5 trillion [1, 2]. This ramp-up reflects growing investment in AI-driven data center infrastructure.
The firm highlighted that private infrastructure and real estate capital will play a larger financing role in this boom as companies move beyond traditional funding sources. "Private infrastructure and real estate will play an even larger role in the years ahead," Goldman Sachs said [1]. The boundaries between private infrastructure and real estate financing are blurring because data center projects combine elements such as land, power, building construction, and equipment [1, 2].
Private infrastructure assets typically provide structured income streams and inflation protection, which enhance their attractiveness and growth prospects. Goldman Sachs noted that infrastructure "sits at the epicentre of multiple structural tailwinds, which we expect will drive its growth and provide additional capacity for financing" [2].
The private infrastructure market grew at an annualized rate of about 11.5% from 2021 to 2024, with expectations that growth will accelerate toward the 16-17% annualized levels seen from 2012 to 2021 [1, 2]. Should these trends continue, infrastructure assets under management could surpass $3 trillion by 2030 [1, 2].
Over the 2025-2030 period, the four tech giants' investments are expected to fuel further capital deployment in areas tied directly to AI and data center capacity expansion [1, 2]. This spending scale underscores the growing role of private capital backing infrastructure projects that integrate real estate and technology components.
The next major milestone in this trend will unfold as companies commence their 2025 fiscal year spending plans, where much of the increased funding forecast is expected to be deployed.
