PwC projects a $31.6T in global data-center spending through 2050.

Its central forecast has annual capex rising from about $800B in 2026 to $1.8T in 2050, rather than peaking after construction.

Servers, GPUs, storage, and networking hardware typically refresh every 4 to 6 years, so the same facility can require several major equipment cycles.

PwC estimates every $1 of construction capex effectively commits about $12 of future ICT (information and communications technology) spending as that hardware gets replaced.

That pushes ICT equipment from 70% of total data-center capex in 2026 to 93% by 2050.

The US alone is projected to capture $15.1T, or 48% of the global total, while Asia-Pacific receives $8.2T.

But location depends heavily on electricity because cheap, reliable power is harder to secure than capital in many markets.