Global investment in data centers, including M&A deals, reached a record $61 billion in the first 11 months of 2025, compared to $60.8 billion for the whole of 2024, CNBC reports, citing data from S&P Global. This was achieved with fewer transactions – 104 compared to 129 for the whole of last year. Most of the deals took place in the US, followed by the Asia-Pacific region (APAC).
Investments grew amid a “global construction boom,” S&P notes. In addition, the surge in debt financing contributed to the upturn.
According to the agency, debt issuance in the data center market in January-November amounted to $182 billion, compared to $92 billion for the whole of 2024. This included Google (owned by Alphabet Inc.) raising $29 billion, Amazon.com Inc. raising $15 billion, and Meta raising about $31 billion.
The trend toward increased borrowing has sparked investor concerns. Oracle Corp. shares fell 5% on Wednesday after media reports that Blue Owl had refused to invest in its Michigan data center amid Oracle’s growing debt. Oracle denied these reports, but after they appeared, investors began selling Broadcom, Nvidia, and Advanced Micro Devices shares, and the Nasdaq Composite fell by a maximum of about 1.81% in a month. A week earlier, Oracle shares fell 12% after the publication of reports showing an unexpected increase in its capital expenditures.
In November, investors also actively sold shares in technology companies, fearing an AI bubble.
Yuri Struta, an analyst at S&P Global Market Intelligence for the technology, media, and telecommunications (TMT) sectors, said his team believes market concerns about AI and Oracle are temporary.
According to experts, these fears are unlikely to have a significant impact on the construction of data center capacity and M&A in this market.
At the same time, the construction of new data centers may be temporarily limited by a shortage of energy sources, making existing centers more valuable, Struta says.
“In Europe, data center capacity is expected to be built more slowly than in other regions, but it is unclear whether this will lead to a surge in M&A activity amid a shortage of assets,” he said. Overall, the analyst expects such activity in the data center market to intensify in 2026.
“I wouldn’t be surprised if the already high valuations get even higher,” he told CNBC, noting that his team expects demand for AI applications to continue growing at a rapid pace next year.
On 18 December, the Chinese authorities introduced an independent customs regime for Hainan Island, which allows for freer importation of foreign goods and expands the range of products eligible for zero tariffs, according to Xinhua.
This is one of the most significant steps in China’s efforts to promote free trade and greater economic openness, the publication notes.
The island, which covers an area of more than 30,000 square kilometres, has been declared a special customs control zone. The business environment for foreign companies here will be more in line with international standards, with lower taxes and production costs, as well as expanded access to services, including healthcare and education. Businesses will be able to use Hainan as a platform to enter the huge mainland Chinese market, Xinhua notes.
The list of goods exempt from customs duties at the port of Hainan has been expanded from 1,900 to 6,600, and the share of such goods in total shipments will increase from 21% to 74%.
In addition, in accordance with current regulations, these goods can be shipped to mainland China after processing, creating added value of at least 30%.
Hainan became a special economic zone in China in 1988. According to official data, more than 9,600 new enterprises with foreign investment have been established in the province since 2020.
Hainan’s GDP last year was $113 billion, which is comparable to the world’s 70th largest economy, according to the World Bank.
Participants in the panel discussion “Connecting Economies: Cross-border Infrastructure and the Power of Partnership” at the Ukraine Recovery Forum in Bucharest emphasized that the development of border infrastructure and joint projects is a key condition for unlocking the economic potential of Ukrainian-Romanian cooperation, especially in the border regions of Chernivtsi and Zakarpattia Oblasts.
The discussion was moderated by Bogdan Bernyage, senior associate expert at the New Strategy Center (Romania). The panel was attended by Gheorghe Șoldan, chairman of the Suceava County Council (Romania), Mykhailo Pavliuk, deputy chairman of the Chernivtsi Regional Council, and Andrii Sheketa, first deputy chairman of the Zakarpattia Regional Council.
According to the participants, the economic partnership between Chernivtsi region and Romania is of strategic importance: Romania accounts for over 20% of the region’s foreign trade turnover. There is significant potential for deepening cooperation in the woodworking industry, where Chernivtsi’s raw material base can be combined with the processing capacities of the Romanian side. Opportunities for the development of joint projects in the fields of IT, tourism, agriculture, and transport were also noted. “Our regions are already closely linked by trade, the next step is to move from simple exports of raw materials to joint production chains,” Pavliuk said.
With regard to Zakarpattia, the participants emphasized that the reconstruction of the region is closely linked to its long-term development and the deepening of ties with Romania. Despite the fact that the region has the longest section of the common border with this country, the border infrastructure remains underdeveloped, and a number of checkpoints operate below their potential capacity. According to Sheketa, targeted infrastructure investments—in roads, rail approaches, and the modernization of border crossing points—are a necessary condition for improving connections between Transcarpathia and Romania and for making fuller use of the opportunities for cross-border cooperation.
Following the discussion, the participants concluded that the development of joint projects and the modernization of border infrastructure could strengthen the economic integration of border regions and create additional opportunities for business and employment on both sides of the border.
Ukraine needs to update its legislation on critical minerals in order to exploit its existing resource potential and strengthen its competitiveness in the global market, participants in a thematic panel at the Ukraine Recovery Forum said. They stressed that without transparent rules of the game, specialized international partnerships, and a stable security environment, the implementation of large projects in the mining sector remains limited.
The panel was moderated by Vitaliy Radchenko, managing partner of CMS Ukraine and head of the energy and climate change practice. The discussion was joined by Volodymyr Tsabal, Secretary of the Verkhovna Rada Committee on Budget, Paul Coyier, Professor at the Institute of World Politics (USA), Ksenia Orynchak, Founder and Executive Director of the National Association of Extractive Industries of Ukraine, and Greg Swenson, Chairman of Republicans Overseas UK.
According to the speakers, Ukraine has significant reserves of critical raw materials, but the existing regulatory framework does not fully meet the requirements of international investors and specialized financial institutions. They emphasized the need for clear procedures for access to deposits, understandable risk-sharing mechanisms, and investment protection guarantees. “If Ukraine wants to occupy a prominent place in global supply chains for critical minerals, it needs modernized rules that are understandable to transnational companies and export credit agencies,” Tsabal said.
Separately, participants drew attention to China’s dominant role in the mineral processing segment, which poses significant risks to Western economies. In this context, the strategic partnership between Ukraine and the US, in their opinion, could become a tool for diversifying supply sources, as well as a channel for attracting capital and technology. “Cooperation with Ukraine makes it possible to reduce dependence on a limited number of suppliers and at the same time support the reconstruction of a country that is on the front line of the conflict,” Swenson emphasized.
At the same time, experts reminded that the implementation of projects in the extractive sector directly depends on the security situation. They noted that some of the territories rich in minerals are currently under Russian occupation, which complicates the planning and launch of new investment initiatives. According to the participants in the discussion, achieving lasting peace and creating a predictable security environment is a necessary condition for transforming Ukraine’s resource potential into real economic results.
The forum “Rebuilding Ukraine: Security, Opportunities, Investments” is being held on December 11-12 in Bucharest under the auspices of the Romanian Ministry of Foreign Affairs and the Ukrainian Ministry of Foreign Affairs and is organized by the New Strategy Center. According to the organizers, more than 30 panel discussions and parallel sessions are planned over two days with the participation of representatives of governments, international organizations, the private sector, financial institutions, and experts from Europe, North America, and Asia. The topics of the panels cover security and defense, infrastructure, financing and investment, green energy, digitalization, human capital, and cross-border cooperation.
Approximately $3.5 million has been invested in the modernization of the Bessarabsky Market in the capital and the launch of the “Bessarabka. Food Market” project, according to project manager Natalia Dzhuylay.
“The estimated investment in the modernization is about UAH 150 million (approximately $3.5 million at the exchange rate at the time of calculation). More than half of this amount was raised in the form of a loan, the rest — from the project participants’ own funds,” she told the media outlet “Reve ta stogne restaurator” (The Restorer Roars and Moans).
She noted that this project is changing the essence and purpose of the Bessarabsky Market: traders who have worked here for decades are returning to their places and continuing to work in the renovated, but essentially unchanged, shopping arcades.
According to her, the main principle of the food hall concept is that there should be no duplication of formats and menus, and each corner should occupy a unique niche. Contracts with residents are concluded for one year.
“In case of failure to meet the specified financial indicators, we reserve the right to replace the corner. But it is obvious that failure to meet KPIs is primarily unprofitable for the resident itself, as it means a lack of sufficient revenue and traffic. We are interested in each corner working effectively, so in case of a decline, we will analyze the reasons and look for ways to improve,” Dzhuay said.
The project’s Instagram page does not have an opening date, only an announcement that it will happen soon.
“Launching a project requires extensive preparation, coordination, and investment. We had to gather residents, set up retail spaces, and get ready. Some of the work had to be postponed. Ideally, the opening should have taken place in September, but it is more important for us to do everything well, rather than in a hurry. We are not afraid of the winter period — on the contrary, we want traders and restaurateurs to be able to work right now,” she said.
As previously reported by Village, as part of the gastronomic project “Bessarabka. Food Market,” 17 food corners and a separate bar are planned to open at the Bessarabsky Market, with a total of about 400 seats in various formats. Participation in the project “Bessarabka. Food Market” project include Ministry of Desserts, Himalaya, Buffalino, Burger Farm, Glek, Matsoni, Big Mama, Zharovnya, Tatarka, Sushi Icons, Gyros, Gelarty, Vytch, as well as the Cherry Coffee café and bar.
The Bessarabsky Market is one of the oldest covered markets in Ukraine, built at the beginning of the 20th century according to a design by architect Henrik Gay. Its building is a monument of architecture and urban planning of national importance.
Prior to this, in the summer of 2024, renovation work began on the Bessarabsky Market. The Kyiv City State Administration noted at the time that the post-Soviet superstructures were being removed from part of the premises, and the work did not involve any interference with the historical details of the structures. Since May 2025, the market’s refrigeration equipment has been upgraded to reduce energy consumption.
Ukraine could attract up to €4 billion in private investment and create more than 17,000 jobs thanks to innovative construction, which includes the use of geopolymers, hempcrete, and 3D printing, according to a report by the International Finance Corporation (IFC) of the World Bank Group, “Rebuilding Ukraine: Opportunities for Investment in Innovative and Sustainable Construction.”
“As of the end of 2024, 13% of the total housing stock had already been damaged or destroyed, and a significant part of the country’s infrastructure had been affected in all major sectors (e.g., energy, transport, telecommunications, industry, social sector). The total investment needs for restoration and reconstruction were estimated at over $0.5 trillion over a decade, with housing accounting for the largest share,” the report says.
The IFC emphasizes that reconstruction creates an opportunity to build housing in a better and more efficient way, and the study identifies promising building materials and technologies that can help achieve this and build hundreds of millions of square meters of new, energy-efficient construction.
At the same time, the authors of the document note that private investment in innovative construction is hampered by a number of obstacles, including regulatory barriers, limited access to financing, low levels of education in the industry, and a shortage of skilled workers.
According to the study, Ukraine needs additional production capacity: 8 million tons of geopolymers, with an estimated investment of $1.36 billion, 6 million square meters of precast reinforced concrete – $1.5 billion, 0.7 million tons of basalt wool – $420 million, 0.1 million tons of basalt reinforcement – $420 million.
This list also includes the creation of capacity for the production of 0.5 million tons of hemp concrete, which requires $20 million in investment, 1 million cubic meters of autoclaved aerated concrete (AAC) – $100 million, 3D printing for construction – $50 million, and special glazing for 8 million square meters – $72 million.
3D PRINTING, geopolymer, innovative construction, INVESTMENT
