Investments in artificial intelligence infrastructure continue to surge, with tech behemoths like Amazon.com and Microsoft fueling a dramatic spike in global data center demand, prompting operators to pursue large-scale equity sales to fund expansion.
According to media reports, several data center developers, including Netrality Data Centers, DataBank, Edged, and EdgeCore Digital Infrastructure, are working with banks to plan the sale of majority stakes this summer, with the total value of these transactions potentially reaching tens of billions of dollars. Operators aim to gain liquidity through these equity sales while bringing in financially stronger partners to support massive investments in land, power, and construction.
Surge in Capital Expenditure
This trend unfolds against a backdrop of explosive growth in capital expenditure from hyperscale companies. A recent Morgan Stanley report estimates that the combined capital expenditures of five major platforms—Meta Platforms, Inc., Amazon.com, Microsoft, Alphabet, and SpaceX—will reach approximately $1.2 trillion by 2027, further increasing to about $1.4 trillion by 2028. Within this, Amazon.com's capital expenditure is projected to hit $318 billion by 2028, with the revenue growth of its AWS business being significantly underestimated.
Supply Struggles to Meet Demand
Analysts at Jefferies point out that despite accelerating capital expenditure from hyperscalers, data center demand continues to outpace supply, creating a structural shortage. In 2025, only 8.9 gigawatts of new global capacity is expected, while demand is projected to be nearly 21.1 gigawatts, leaving a gap of approximately 12 gigawatts. CBRE data shows that vacancy rates in core markets like Northern Virginia have fallen to a historic low of 0.3%.
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