Goldman Sachs predicts private infrastructure and real estate capital will become increasingly vital in financing the AI-driven data center boom, as companies move beyond traditional funding.
The Wall Street brokerage raised its combined capex forecast for Meta, Microsoft, Amazon, and Alphabet to $5.3 trillion between fiscal years 2025 and 2030, up from a prior estimate of $4.5 trillion.
Goldman expects companies to tap into public, securitized, and private markets to meet this demand. It noted that the lines between private infrastructure and real estate are blurring as data center projects encompass land, power, building, and equipment.
With structured income and inflation protection, private infrastructure is positioned for further growth. Goldman sees the market's annualized growth rate accelerating from 11.5% (2021-2024) toward 16-17%, pushing assets under management above $3 trillion by 2030.