Building the infrastructure for AI will cost the US 3.6% of its GDP annually, while venture capital in Europe has grown by 77%

Let’s kick off the week with some figures on where money is currently flowing within the AI ​​sector.

1️⃣ The largest bet in U.S. history. In a study for the Brookings Institution, a Columbia University economist estimated that investments in data centers, energy infrastructure, and AI-related chips will reach $10.3 trillion between 2025 and 2032—averaging 3.6% of GDP annually. For comparison, at their peak between 1870 and 1890, railroads accounted for about 2.2% of GDP, while the highway expansion of the 1950s and the internet boom each represented roughly 1.1%.

This capital is already showing up in the data. According to the U.S. Department of Commerce, $37 billion was spent on the construction of private data centers in the first seven months of 2026—an increase of $9 billion over the previous year. Meanwhile, other private construction—including residential and commercial real estate—fell by $46 billion compared to the same period last year. Analysts at FactSet estimate that Alphabet, Amazon, Meta, Microsoft, and Oracle will invest a combined $4.2 trillion in capital expenditures over the four-year period leading up to 2029.

2️⃣ Venture capital in North America. Startups in the U.S. and Canada raised $92 billion in the third quarter—a 35% decline from the previous quarter, yet a 50% increase year-over-year. Crunchbase attributes the quarterly dip to a pause in fundraising by OpenAI and Anthropic, which had secured $110 billion and $65 billion, respectively, during the first and second quarters. Roughly two-thirds of the total funding went to AI companies.

3️⃣ Venture capital in Europe. European startups raised $25 billion—a 77% increase compared to the previous year—marking their strongest quarter in four years. AI accounted for 75% of the total funding—a record share. Nearly 40% of the capital went to just four companies, including Mistral, which raised $3.5 billion—the largest-ever venture round for a European company—and data center operator Nscale, which secured $3.36 billion. Late-stage funding reached $17.3 billion, while early-stage funding totaled $5.7 billion—roughly the same as a year ago.

In both regions, capital is flowing into late-stage rounds, with a significant portion directed toward computing infrastructure. In September, our portfolio company Crusoe raised $3.9 billion in a Series F round at a valuation of $30.9 billion—roughly triple its valuation from the previous year—making it one of the largest deals of the quarter in North America.

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