Global investment in artificial intelligence infrastructure could reach $31.6 trillion by 2050 as demand for data centres, advanced chips and computing capacity continues to grow, according to projections from PwC.
PwC’s Global Data Centre Outlook forecasts annual data centre capital expenditure rising from around $800 billion in 2026 to $1.8 trillion by 2050. The projections cover spending on data centre buildings as well as the technology and computing equipment housed within them.
The United States is expected to attract the largest share of investment, accounting for around 48% of the projected global total, or approximately $15.1 trillion. Asia Pacific is forecast to receive $8.2 trillion in cumulative investment, led by China and India, while sovereign AI initiatives are expected to drive further infrastructure development across Europe and the Middle East.
A significant portion of the long-term spending is expected to come from technology upgrades rather than the construction of new data centres alone. AI chips and other information and communications technology equipment typically require replacement or upgrades every few years as computing requirements increase.
PwC estimates that ICT equipment could account for 93% of AI infrastructure investment by 2050, compared with around 70% currently. This recurring upgrade cycle could make AI infrastructure spending different from traditional infrastructure projects, where capital requirements often decline after the initial construction phase.
Access to electricity is also expected to influence where future data centres are built. PwC identified affordable, reliable and lower-carbon power as a key requirement for markets competing for AI infrastructure investment. Connectivity, security, policy certainty, community support and access to graphics processing units are among the other factors expected to influence investment decisions.
The outlook also highlights the potential impact of geopolitics and semiconductor trade restrictions. Under a scenario involving tighter export controls and disruption to global chip supply chains, PwC estimates cumulative investment could fall to around $25.5 trillion through 2050, roughly $6 trillion below its baseline projection.
Digital sovereignty could have a different effect. Rather than substantially reducing global spending, policies encouraging domestic computing infrastructure could redistribute investment towards countries seeking greater control over data and AI systems.
PwC Global Infrastructure Leader Clara Cutajar said AI infrastructure is becoming a major capital allocation challenge spanning technology, energy, real estate, supply chains, regulation and financing.
The projections underline the scale of physical infrastructure required to support expanding AI adoption, while suggesting that access to computing hardware, electricity and supportive policy environments could increasingly determine where that investment ultimately flows.
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