Infrastructure & Utilities
The development of infrastructure in cities and regions across the world is critical to economic growth and social well-being. As such, securing the funding needed to support the global infrastructure sector—currently in the tens of trillions of dollars—is a key issue for governments and policymakers.
From Growth To Growing Risk: Rapid Development Of Data Centers Is Creating Vulnerabilities
As we enter 2026, AI and the data center infrastructure that supports it are dominating investment conversations. This is particularly the case in the U.S., where huge growth in data center projects in 2025 attracted significant capital expenditure that we expect will persist--at a forecast rate of over $900 billion over the rest of the decade.
But discussions of a potential market corrections have intensified, even if those fears have hardly dampened persistent investment momentum. S&P Global Ratings' research into the rapidly evolving market dynamics has identified key emerging vulnerabilities, that we consider crucial to assessment of the sector’s long-term resilience.
For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge
Fundamental to U.S. NFP public power and electric cooperative utilities maintaining credit quality is their flexibility to increase retail rates to offset rising operating and capital costs. However, the substantial utility infrastructure investment cycle is coinciding with a prolonged inflationary environment and could diminish cost recovery prospects.
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Watch our three-day, interactive webinars with S&P Global Ratings' senior analysts that took place on February 9, 10 and 11, 2026.
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