LONDON, July 8 — The copper wire that powers the world is now worth more than the metal itself has ever been, and on the ground at data center construction sites across the United States, thieves are taking notice. Copper prices hit record highs in early 2025, trading at over $4.50 per pound on the London Metal Exchange in March. That is a sharp climb from roughly $2.50 per pound in 2020 and about $3.00 per pound in 2022.
The surge is driven by two sectors: the global push for electrification and the buildout of artificial-intelligence infrastructure. Data centers now consume an estimated 2% of all U.S. electricity, according to the U.S. Department of Energy.
That share is projected to hit 6% by 2027. The high price makes copper wiring a prime target for thieves at data center construction sites. The National Insurance Crime Bureau reports a 25% increase in copper theft claims from 2021 to 2024.
Supply and Demand
The global copper market is tight. The U.S. Geological Survey puts worldwide copper mine production at 22 million metric tons in 2024, with Chile and Peru as the top producers. Supply constraints are colliding with rising demand from renewable energy and data center sectors, creating the conditions for record prices.
The economics are simple. A pound of copper at $4.50 makes a quick grab worth real money.
Watching the Wire
The thefts are not a new problem, but the price spike has escalated the stakes. The National Insurance Crime Bureau data shows a steady climb in claims over four years, tracking the rise in copper prices. The U.S. Department of Energy’s projection that data center electricity consumption will triple as a share of national demand by 2027 suggests the construction boom—and the targets it creates—will only intensify.
What to watch next is whether security measures at construction sites will catch up to the value of what is being stolen. For now, the copper wire that connects the future is worth stealing, and the thieves know it.
