data-center build 2025-2028 and the financing gap beyond hyperscaler cash flow
~$2.9T / ~$1.5Tforecast
| Value kind | forecast — Forecasts are time-bound outlooks, not specifications; test decisions across plausible scenarios. |
|---|---|
| Scope | July 2025 global forecast of build and hardware through 2028, excluding investment in power supply. $2.9T capex less $1.4T internally funded gives a $1.5T funding gap; neither is observed borrowing or annual revenue. |
| As of | 2025-07 |
| Source | Morgan Stanley Research, Bridging the Data Center Gap, 16 July 2025. · Executive summary, printed pages 4 and 6: $2.9T global DC capex through 2028; $1.5T funding gap |
| Review | checking…review by 2027-07-16 · fast cadence |
| Recorded changes | last 2026-09-16 · 5 revisions tracked |
| Claim id | data-center-build-2025-2028-and-the-financing |
Where the guide uses it
← Full numbers register — every date-stamped figure in the guide, with revision history.