Morgan Stanley estimates about $2.9 trillion capital expenditure of global data-center construction through 2028.

Rohan Paul Twitter · Rohan Paul (@rohanpaul_ai) · 2026-06-19

Morgan Stanley projects $2.9 trillion in global data-center capital expenditure through 2028, funded by a mix of hyperscaler cash flows, corporate debt, securitized credit, and private credit.

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Topics: data-center-infrastructureai-investmentcapital-expenditure

Claims

Morgan Stanley estimates $2.9 trillion in global data-center construction capex through 2028.
Hyperscaler cash flows are projected to contribute $1.4 trillion of the total funding.
Private credit, asset-based finance, and joint ventures are expected to provide $800 billion.
Corporate debt ($200B) and securitized credit ($150B) make up the remainder of non-cash-flow funding.

Key quotes

Morgan Stanley estimates about $2.9 trillion capital expenditure of global data-center construction through 2028. With funding sources including $1.4T from hyperscaler cash flows, $200B corporate debt, $150B securitized credit, $800B private credit / asset-based finance / JV