Goldman Sachs Raises U.S. Data Center Construction Forecast to $125 Billion in 2028

According to ChainCatcher citing Goldman Sachs, the bank raised its U.S. data center construction spending forecast to $80 billion in 2026, up from $67 billion, and $100 billion in 2027, up from $87 billion. It also issued a first estimate of $125 billion for 2028. The revisions come amid market concerns over tighter data center regulation following Democrats’ win of control of Congress. Goldman Sachs said about 86 gigawatts of data center projects are under construction in the U.S., with another roughly $900 billion in high-confidence projects awaiting construction. It said the buildout remains resilient, with demand and backlogs at hyperscalers including Microsoft, Amazon and Google showing no clear slowdown. H100 rental prices rose 26% year over year, while GB200 rental prices are up 50% year to date. On Texas governor-elect Gina Hinojosa’s proposed pause on data centers, Goldman Sachs said it could delay project delivery rather than directly cancel plans, while potentially raising financing costs, reducing tax incentives and prompting some customers to cancel contracts. The bank cautioned that industry-wide growth prospects should be distinguished from individual developers’ ability to survive. Highly leveraged developers could face severe financial pressure from delays and higher financing costs, and some may not last until their projects begin operations.