SPGI · Earnings call · 2026Q3T · Full report

AI Data Center Demand

S&P Global Inc. · 2026-10-27 · Importance 46 · Surprise 56

Management said demand for data center build-out was unprecedented and forecast significant increases in demand for power, chips, and materials. The company forecast nearly $900 billion of capex in 2026 by the six largest hyperscalers, nearly double 2025 levels. Management said this investment was benefiting all divisions and lifting demand for supply-chain insights, counterparty credit analytics, power forecasts, and logistics data. It also said hyperscaler capex and funding mix would be assessed for 2027, with remaining performance obligations for four hyperscalers just under $3 trillion for 2027 as a leading indicator, not a capex forecast.

Key facts

• S&P Global forecast nearly $900 billion of 2026 capex for the six largest hyperscalers, nearly double 2025 levels.
• S&P Global expected several more hyperscaler issuances in the fourth quarter of 2026, providing a tailwind, after substantial issuance through the third quarter.
• S&P Global noted that remaining performance obligations of hyperscalers remained quite high and were a leading indicator it monitored for future growth and demand.