# Goldman Sachs Forecasts $125 Billion in U.S. Data Center Construction Spending for 2028 By John Kim Canonical URL: https://www.tokenpost.com/news/business/51961 Published: 2026-11-09T00:55:36.000Z Updated: 2026-11-09T00:55:36.000Z Section: Business > The bank raised its 2026 and 2027 estimates and cited about 86 gigawatts of projects under construction, plus a $900 billion pipeline it considers highly likely to proceed. Goldman Sachs lifted its U.S. data center construction spending forecasts through 2027 and set a $125 billion estimate for 2028, projecting continued investment despite regulatory risks. The bank now expects construction spending to reach $80 billion in 2026, up from $67 billion, and $100 billion in 2027, up from $87 billion. The 2028 figure is its first estimate for that year. Goldman Sachs cited a large project pipeline and continuing demand from cloud providers. It estimates about 86 gigawatts of data center projects are under construction, with a further $900 billion in projects it views as highly likely to proceed. The bank said demand and backlogs at Microsoft, Amazon and Google have shown no clear signs of cooling. Rental rates for H100 computing capacity are 26% higher than a year earlier, while GB200 rates have risen 50% since the start of the year. The forecasts measure yearly construction spending; the 86 gigawatts figure measures capacity under construction, and the $900 billion figure describes prospective projects. The new spending outlook follows [Goldman Sachs’ earlier data center capacity forecast](), which put U.S. capacity at 152 gigawatts by 2030, up from 125 gigawatts. Its global projection reached 273 gigawatts by 2030, up from 217 gigawatts, with about 170 gigawatts of additions from roughly 103 gigawatts in 2025. At an assumed $50 billion per gigawatt, those additions imply about $8.5 trillion in potential spending. Goldman Sachs also assessed a proposed data center moratorium from Texas Gov.-elect Gina Hinojosa. The bank expects the measure to delay project deliveries more often than cancel construction plans, but said it could raise financing costs, reduce tax incentives and lead some customers to cancel contracts. The bank cautioned that sector-wide growth does not ensure every developer will complete its projects. Highly leveraged developers could face financial strain from delays and higher financing costs, and some may not survive until their projects become operational. ## Links in this article - [Goldman Sachs’ earlier data center capacity forecast](https://www.tokenpost.com/news/business/47733)