Worldwide cloud infrastructure services spending reached $168 billion in the third quarter of 2026, up 55% from a year earlier, according to Synergy Research Group figures reported by Data Center Knowledge. The market has doubled in eight quarters, and AI-specific services now make up roughly one-third of revenue.
Synergy chief analyst John Dinsdale pointed to three drivers: new capacity coming online, higher pricing, and a continued move toward more expensive AI services. Much of the new capacity is aimed at higher-priced AI offerings. That helps explain how revenue can grow faster than the physical capacity behind it.
Amazon holds the largest share of worldwide cloud infrastructure revenue at 26%, followed by Microsoft at 19% and Google at 16%. Microsoft and Google grew faster than Amazon. Oracle and neoclouds such as CoreWeave, Crusoe and Nebius were among the fastest growers outside the top three, and Synergy said neocloud expansion is eroding the share of some established providers.
JLL's midyear report put hyperscalers at 59% of North American data center tenant demand, with 28 GW of owner-occupied capacity under construction. Neoclouds accounted for 11% of demand and AI companies for 7%, widening the field of customers competing for space.
CBRE counted 7,481 MW under construction across eight primary markets in the first half of 2026, up 24.8% year over year. More than 80% was preleased, compared with 74.3% a year earlier. Power constraints continued to push out completion dates. Dell'Oro Group projects global data center capital spending will exceed $3 trillion by 2030.
The growing share of fast-moving neoclouds raises questions about contract stability if some providers consolidate. Dinsdale said he expects data centers, installed equipment and customer contracts to find new owners if a neocloud fails or is absorbed, adding that valuations would vary widely but he did not expect many stranded assets.
Why it matters: Strong revenue and high preleasing point to firm demand, but delivery timing is tied to power availability, and a more varied tenant base adds counterparty questions. Operators weighing expansion have to consider build schedules and tenant stability alongside headline cloud growth, and asset values may differ considerably if consolidation occurs.
TwinStack automated analysis, based on reporting by Data Center Knowledge. Check the original for full details.