Bank of America: China's AI infrastructure capex is expected to reach $1.5 trillion from 2026 to 2030, adding 35 to 45 GW of data center capacity.

Bank of America released a research report announcing the launch of its "Funding APAC's AI Revolution" series, which examines artificial intelligence (AI) infrastructure investment in the Asia-Pacific region and its impact on credit markets. The first report focuses on China's AI infrastructure buildout, projecting $1.5 trillion in capital expenditure (CAPEX) from 2026 to 2030 to add 35 to 45 gigawatts (GW) of data center capacity and equipment upgrades. China's unit capacity capex stands at $21 billion to $29 billion per GW, 40% to 45% lower than that of the United States. Bank of America noted that based on the median of its forecasts 35 to 45 GW of new capacity and $21 billion to $29 billion per GW in unit capacity capex it estimates growth capex at approximately $1 trillion. In addition, the bank estimates maintenance capex at $500 billion, a figure that covers only IT equipment replacement spending, based on a six-year refresh cycle and excluding 30% of existing capacity that does not require upgrades due to vacancy.