AI BriefingAI Data Center Spending Overtakes Megaprojects
Key point
The Big 5 US hyperscalers' AI data center capex has surpassed the combined total of historical megaprojects.
Details
The Big 5 US hyperscalers' AI data center capex is estimated at a 6-year cumulative $930 billion in 2024 dollars, surpassing the inflation-adjusted combined total of historical megaprojects.
- Manhattan Project: $36 billion, 5 years
- Marshall Plan: $170 billion, 4 years
- Apollo Program: $257 billion, 14 years
- ISS (International Space Station): $150 billion, 27 years
- F-35 Program: $400 billion, 25 years (to date)
- Interstate Highway System: $620 billion, 37 years
- US Railroads: $550 billion, 71 years
The chart was compiled by combining company filings with data from Epoch AI, FHWA, NASA, CRS, GAO, and Brookings, and the AI capex figure is an estimate of the data center share of the disclosed capex from Amazon, Microsoft, Alphabet, Meta, and Oracle. The data center share was assumed to rise from about 55% in 2020 to about 80% in 2026, and Chinese hyperscalers were excluded.
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