US data center construction spending has hit an eye-watering run rate—private firms are currently pouring roughly $40 billion monthly into new facility builds across the country. The lion's share flows toward mega-projects backed by the usual suspects: Google, Amazon, Microsoft, and OpenAI, all racing to secure computational capacity.

Here's what makes this wild: a decade ago, monthly data center spending hovered around $1.8 billion. That means we're seeing more than a 20-fold acceleration in just ten years.

This explosive growth reflects the infrastructure arms race triggered by AI model development and cloud computing demand. Companies aren't just building—they're competing ferociously for advantage in an era where data center capacity directly translates to market dominance. The semiconductor and infrastructure sectors continue riding this wave, making it one of the most significant capital allocation trends in tech right now.