US data center construction spending has reached an annualized rate exceeding $68 billion, a 46% year-over-year increase, according to the US Census Bureau. This growth, sustained since early 2024 and accelerating through 2025, is primarily driven by insatiable demand for artificial intelligence compute power. Companies like Core Scientific, IREN, Cipher Mining, CleanSpark and Hut 8 are converting their mining facilities into AI infrastructure, securing multi-billion dollar lease agreements with Microsoft and Meta. For crypto investors, this trend could reduce Bitcoin network hashrate, flood the secondary market with mining hardware and diversify revenue streams for publicly traded miners.
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