he AI data center boom was one of the biggest stories of 2025. But new numbers don't support the narrative — at least not yet.

A report from S&P Global found that more than $61 billion flowed into the data center market this year, remaining practically flat from the market’s 2024 investments of $60.8 billion. Deal volume fell from 129 deals in 2024 to 104 in 2025, highlighting that the value of these deals is increasing.

While $61 billion is certainly nothing to scoff at, it’s somewhat nominal when compared to the clusters of deals worth hundreds of billions each, inked by the likes of Oracle, Nvidia, OpenAI and others over the next several years. However, Rome wasn’t built in a day, and neither are AI data centers, Trevor Morgan, CEO of OpenDrives, told The Deep View.

“They're building out infrastructure, and that does not happen overnight,” he told me. “When you build out infrastructure like that, that is a long-term play. You're not building for current needs or needs a year from now, you are building out for the next five to 10 years.”

And AI bubble fears have caused investors and enterprises alike to drop into “wait and see mode,” said Morgan. Additionally, geopolitical uncertainty, supply chain constraints, and energy concerns have made some nervous about throwing their money on the table. Though Morgan said he expects deals to gradually rise over the next 12 to 18 months, for now, “a flat line means that we're still kind of waiting.”

“They're waiting for AI to really show the value, and ultimately it's going to be predicated on the companies that will leverage these services,” said Morgan.