Dell’Oro expects global data centre capex to exceed $1tn in 2026, with spending by Amazon, Google, Meta and Microsoft up 78% year-on-year in Q1. Gartner expects data centre electricity use to reach 565 TWh, with AI-optimised servers taking 31% of total consumption. The event signals that AI infrastructure growth is shifting from demand headlines to harder constraints around power, cost and measurable returns.
publishes market forecasts for data centre and telecom infrastructure spending
Dell'Oro Group forecasts infrastructure capex trends that shape cloud, data centre and network investment signals.
Dell'Oro Group forecasts infrastructure capex trends that shape cloud, data centre and network investment signals.
The forecast shows AI data centre spending accelerating while power availability, server inflation and measurable AI value remain unresolved constraints.
The forecast shows AI data centre spending accelerating while power availability, server inflation and measurable AI value remain unresolved constraints.
Dell’Oro sees 2026 data centre capex topping $1tn as AI buildout accelerates, while Gartner warns power limits are constraining capacity.
The forecast shows AI data centre spending accelerating while power availability, server inflation and measurable AI value remain unresolved constraints.
Published reporting
• Four US cloud giants lifted Q1 data centre spending 78%
• Power availability is becoming the hardest constraint on AI capacity scaling
The fact
Dell'Oro expects global data centre capital expenditure to exceed $1tn in 2026, with growth accelerating in the second half as Nvidia Rubin systems and custom accelerator refresh cycles ramp. Amazon, Google, Meta and Microsoft lifted combined Q1 data centre spending by 78% year-on-year. Gartner said power availability is now constraining AI capacity, making power security the new battleground.
The Assessment
This is a capex boom running ahead of commercial proof. Hyperscalers are expanding AI infrastructure, but returns remain uncertain and some spending may have been pulled forward ahead of expected price increases. For BTW readers, AI data centre growth is shifting from demand headlines to harder constraints: power access, server inflation and measurable AI value.
What to Watch
Watch whether major cloud providers maintain or revise 2026 capex guidance after Rubin deployments begin, especially if power access tightens or consumption-based AI pricing slows enterprise adoption.
Signal Brief
- Signal: AI data centre capex tops $1tn despite weak returns
- Signal Type: Data Centre Capital Expenditure AND Power Demand
- Region: Global
- Market Class: Datacenter
Operating Surface
- Published sources should identify the affected parties, operating surface, and market exposure before this trend map is treated as complete.
Market Context
- The forecast shows AI data centre spending accelerating while power availability, server inflation and measurable AI value remain unresolved constraints.
- Operational relevance: High
- Time Horizon: Next quarter
What To Watch
- Watch for official statements, regulatory updates, customer or partner exposure, and follow-up disclosures.
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