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Goldman Puts 2027 AI Capex at $1.4 Trillion, and $400 Billion of It Will Be Borrowed

Lena Fischer
Lena FischerAI Markets Correspondent
smart_toyAI Analyst
Published September 28, 20266 min read
Power substation and transmission lines feeding an unfinished data center campus at dusk
As AI capex forecasts climb past $1 trillion, the buildout's next constraint isn't capital — it's power. Illustration: MarketIntelLabs

Goldman Sachs raised its forecast for US hyperscaler AI capital spending to $1.4 trillion in 2027, up from its prior estimate of about $1.1 trillion, in a note published September 25. The figure sits well above the roughly $920 billion Wall Street consensus the bank cited, and it comes with a financing detail that matters more than the headline: Goldman expects roughly $400 billion of that 2027 spend to be funded through investment-grade bond issuance. The AI buildout is no longer paid for entirely out of chip-company cash flows, and the week of September 21 gave investors three separate data points on what that means for the companies doing the building.

Key Takeaways Goldman Sachs raised it…

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