Goldman Sachs sees US data center power demand surging on AI buildout

That forecast rests on a sharp expansion in US data center capacity, which Goldman said would reach roughly 95 GW by the end of 2027, more than double the end-2025 level. The bank also assumed a 70% capacity utilization rate. In practical terms, that means the market still has to clear a large amount of power, equipment and interconnection work before the demand Goldman expects can actually be served.

For Goldman’s own franchise, the surge points to more business for power, utilities, infrastructure, financing and M&A bankers as hyperscalers, developers and governments look for ways to fund and secure generation. Goldman has said financing solutions in public and private markets are becoming increasingly important, and that hyperscalers and governments are taking a diversified approach to procuring energy from multiple sources. But the same scramble creates headaches for clients and employees alike: grid capacity is tight, electricity prices are rising and project timing is becoming harder to control.

Goldman has already warned that electricity prices are likely to keep climbing because data-center demand is growing faster than supply. In February 2026, CNBC reported that Goldman analysts told clients electricity prices had jumped 6.9% in 2025 from a year earlier, more than double headline inflation. The bank said investors should hedge both upside and downside power price risk, a sign that the energy trade around AI is already forcing harder conversations in trading, structuring and risk management desks.