Goldman Sachs predicts private infrastructure and real estate capital will increasingly finance the AI data-center boom as funding shifts away from traditional sources.

If growth targets are hit, infrastructure assets under management could top $3 trillion by the end of the decade.

Infrastructure sits at the center of multiple structural tailwinds that will boost growth and expand financing capacity.

Private infrastructure has grown about 11.5% annually from 2021 to 2024, with Goldman forecasting a potential acceleration toward the 16–17% annualized gains seen in 2012–2021.

Goldman lifted its capex forecast for the four largest hyperscalers to $5.3 trillion for 2025–2030, up from $4.5 trillion before Q1 earnings.

Private infrastructure and real estate are expected to play an even bigger role, with data center projects spanning land, power, building, and equipment blurring the lines between categories.

The income generation and inflation-protection features of private infrastructure are highlighted as key drivers of growth and financing capacity.

Funding for AI data centers will come from public, securitized, and private markets to achieve scale and scope.