Askbnef: Data Centers and AI Outlook for 2026

The global data center fleet more than doubled in the last five years, with growth expected to accelerate further. Power demand from US data centers in particular is set to surge. BNEF's new forecast is for power demand from US data centers to hit 106 gigawatts by 2035, a 36% growth from the previous outlook published in April. Growing cloud usage and surging AI workloads are powerful tailwinds, creating new demand and transforming data center hardware. The largest technology companies are pouring hundreds of billions of dollars per year into new sites, reshaping supply chains and creating significant strains on power systems. BNEF forecasts that by 2035, 362GW of new generation capacity will be required to meet the energy demands of data centers, against a scenario with no new growth in the sector. For now, the appetite of leading AI companies for more computational power seems insatiable. But energy procurement and supply chain bottlenecks pose challenges to further growth, and growing numbers of analysts suspect investment is entering bubble territory. In this AskBNEF, Claire Curry is joined by Nathalie Limandibhratha, Lloyd Arnold and Mark Daly to discuss the headwinds and tailwinds defining the next phase of growth. They will cover BNEF's updated US data center forecast, how operators are securing power through PPAs and onsite generation, the potential winners and losers as supply chains shift, and how investment trends and depreciation schedules might signal a bubble.