The AI surge is resulting in a massive data center buildout, with US companies set to spend over $1T on this infrastructure in the coming years, per Goldman Sachs estimates. Big tech players Amazon, Google, Meta, and Microsoft spent $52.8B alone on capex in Q2’24, up 60% year-over-year thanks to AI.
This spending is creating opportunities for growth across the AI data center value chain.
In this report, we use CB Insights datasets like business relationships, investments, and earnings transcripts to highlight 12 high-momentum tech markets that data center stakeholders — from utilities to big tech to enterprises — should be betting on in 2025.
We also break down the tech players to consider for partnerships, joint ventures, or acquisitions.
Note: We selected the 12 markets and companies highlighted in this report from CB Insights’ list of 1,400+ markets based on relevancy, rising investment, partnership activity, and analyst input.
KEY TAKEAWAYS
-
- Energy infrastructure is an increasingly competitive battleground for data center operators. From small modular reactors to fusion to geothermal, major tech companies are racing to secure next-generation power sources to support AI workloads that will demand 2x electricity by 2026. Early partnership and investment decisions in energy tech will help determine who can scale AI capabilities.
- Enterprises are reimagining the AI infrastructure stack for energy efficiency. This includes innovations across computing (new processor architectures), cooling (liquid or immersion techniques), and energy optimization software — enabling data center operators to cut costs while improving performance.
- AI computing hardware is advancing to meet the demands of AI data centers. Emerging specialized processors are enhancing the efficiency and capability for AI training, inference, and edge processing. Look for other architectures besides traditional GPUs to gain ground in the coming decade.
- Big tech is leading AI infrastructure investments, creating a rich ecosystem of startups across the value chain — from TAE Technologies in nuclear fusion to d-Matrix in processors to CoreWeave in cloud GPUs. This presents opportunities for enterprises to partner with or acquire emerging players before they scale.
