Wells Fargo expects $NBIS to go from 172 MW of active capacity in 2025 to 7.5 GW by 2030


By 2030, they expect:
- 3.1 GW self-built / owned
- 1.0 GW leased or smaller identified sites
- 3.4 GW other / unallocated
This forecast includes the full 1.2 GW expansion in Independence and a 1.2 GW site in Pennsylvania as flagship data centers
At an estimated full AI factory capex of $70B per gigawatt, adding this capacity from today to 2030 would imply over $500B of infrastructure investment
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