America’s AI infrastructure boom could become the largest major investment buildout in U.S. history relative to the economy, according to new Brookings research.

The Brookings Papers on Economic Activity study estimates spending on data centers, power systems, networking and specialized chips could total $10.3 trillion from 2025 through 2032, averaging 3.63% of U.S. GDP per year.

The Kobeissi Letter compares Brookings’ AI estimate with earlier U.S. infrastructure booms.

Study author Stijn Van Nieuwerburgh says the comparable railroad boom averaged about 2.2% of GDP, highways and telecom about 1.1%, canals 0.66% and electrification 0.5%. He also cautions that historical estimates are not perfectly harmonized and that some railroad peak years exceeded 4% of GDP.

A newer NBER working-paper version uses a different buildout assumption and reports nearly $9 trillion, or 3.2% of GDP annually, showing that the exact total depends on the scenario.

The scale helps explain why BitcoinVersus has been tracking gigawatt power deals, who pays for grid expansion, and megawatt-scale AI racks.

Editor’s Note: The $10.3 trillion figure is a central buildout estimate, not a guarantee that every projected project will be completed.

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