Goldman Sachs forecasts 38% growth in US data-center power demand
The bank sees AI spending outrunning local opposition, with demand rising 38% in both 2026 and 2027
Goldman Sachs is still bullish on America’s data-center boom. In a client note dated October 4-5, 2026, the bank projected that US data-center power demand will rise 38% in 2026 and another 38% in 2027.
What Goldman is projecting
The 38% figures translate into concrete electricity. Goldman expects an additional 12 GW of demand in 2026, followed by 17 GW more in 2027.
The bank also updated its capacity forecasts. It now sees US data-center capacity reaching 64 GW by the end of 2026 and 90 GW by the end of 2027.
Goldman described its overall growth outlook for 2027 as “largely unchanged” from earlier estimates.
The note argues that AI infrastructure investment by major technology firms will likely offset permitting headaches and political barriers. Goldman points to a robust near-term supply pipeline running through 2027.
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How the numbers compare with May
A May 2026 forecast had demand climbing from 31 GW in 2025 to 41 GW in 2026, then to 66 GW in 2027.
That earlier version also anticipated capacity of roughly 95 GW by the end of 2027. The new 90 GW end-2027 figure sits below that mark.
The backdrop: Americans are not sold
A June 2026 Reuters/Ipsos poll found that approximately 33% of Americans approve of the pace of data-center construction. Only 14% backed local builds for major hyperscalers.
The concerns center on electricity demand, utility costs and local impacts. Those issues carry extra weight heading into the US midterm elections on November 3, 2026.
Goldman’s note acknowledges that opposition is rising. Its conclusion is that this resistance has had limited effect on growth trajectories so far.