Goldman Sachs Projects 38% Annual Growth in US Data-Center Power Demand Through 2027
Key Takeaways
- •Goldman Sachs projects US data-center power demand to grow 38% in 2026, adding 12 GW, and by another 38% in 2027, adding a further 17 GW.
- •The bank now forecasts US data-center capacity of 64 GW by the end of 2026 and 90 GW by the end of 2027, a modest reduction from its May 2026 estimate of roughly 95 GW.
- •Goldman believes AI infrastructure investment by major technology companies is likely to offset permitting difficulties and political obstacles, supported by a robust near-term supply pipeline through 2027.
- •A June 2026 Reuters/Ipsos poll found that about 33% of Americans approve of the pace of data-center construction, while only 14% support local builds for major hyperscalers.
- •Growing public opposition, centered on electricity demand, utility costs, and local impacts ahead of the November 3, 2026 midterm elections, has so far had limited effect on growth trajectories.
Goldman Sachs remains constructive on the United States data-center boom. In a client note dated October 4-5, 2026, the bank projected that US data-center power demand will increase 38% in 2026 and by another 38% in 2027. The forecast offers a gauge of how quickly AI infrastructure spending is converting into new electricity load on the US grid — the same dynamic driving public concerns over power demand and utility costs.
What Goldman Is Projecting
The percentage figures translate into substantial new electricity load. Goldman expects an additional 12 GW of demand in 2026, followed by a further 17 GW in 2027 — together, an increment approaching the 31 GW base the bank's earlier forecast recorded for 2025.
The bank also revised its capacity forecasts. It now anticipates US data-center capacity reaching 64 GW by the end of 2026 and 90 GW by the end of 2027. Goldman characterized its overall growth outlook for 2027 as "largely unchanged" from earlier estimates.
According to the note, AI infrastructure investment by major technology companies is likely to offset permitting difficulties and political obstacles. Goldman pointed to a robust near-term supply pipeline running through 2027.
How the Numbers Compare With May
A May 2026 forecast had projected demand climbing from 31 GW in 2025 to 41 GW in 2026, and 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 estimate sits below that mark — a modest trim of the end-point even as the underlying growth outlook held.
The Backdrop: Americans Are Not Sold
Public sentiment presents a contrasting picture. A June 2026 Reuters/Ipsos poll found that approximately 33% of Americans approve of the pace of data-center construction, while only 14% supported local builds for major hyperscalers.
Concerns center on electricity demand, utility costs, and local impacts. Those issues carry additional weight heading into the US midterm elections on November 3, 2026.
Goldman's note acknowledges that opposition is growing, but concludes that this resistance has had limited effect on growth trajectories so far. The open question — whether that resistance hardens into permitting or political constraints faster than the AI investment Goldman cites can offset — is what to watch as the bank's 64 GW end-2026 and 90 GW end-2027 targets come due.
Source: CryptoBriefing
