Real estate firm JLL projects up to $3 trillion in AI data center investment by 2030, with Morgan Stanley estimating a $2.9 trillion bill through 2028. Tech giants can fund approximately $1.4 trillion from their cash, leaving a $1.5 trillion gap for external capital. This gap is being filled by stock market investment, private equity, loans secured against assets like chips, and direct investment from pension and sovereign wealth funds.
The AI data center buildout requires significant external capital beyond tech giants' cash, creating opportunities for diverse financial players to fund physical infrastructure.