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Capex Supercycle Tracker
$165.1B
Calculated: sum of the four companies' cash capex for calendar Q2 2026 (SEC EDGAR XBRL)As of 14 Oct 2026Source+87%
Calculated: big-4 cash capex, calendar Q2 2026 over Q2 2025 (SEC EDGAR XBRL)As of 14 Oct 2026SourceCapex Supercycle Tracker
FREEQuarterly capex, big-4 hyperscalers ($B)
- Microsoft
- Alphabet
- Amazon
- Meta Platforms
- Derived from year-to-date filings
| Quarter | Microsoft | Alphabet | Amazon | Meta Platforms | Total |
|---|---|---|---|---|---|
| Q1 2025 | $16.7B (Q3 FY25) | $17.2B (Q1 FY25) | $25.0B (Q1 FY25) | $12.9B (Q1 FY25) | $71.9B |
| Q2 2025 | $17.1B (Q4 FY25), derived from year-to-date filings | $22.4B (Q2 FY25), derived from year-to-date filings | $32.2B (Q2 FY25) | $16.5B (Q2 FY25), derived from year-to-date filings | $88.2B |
| Q3 2025 | $19.4B (Q1 FY26) | $24.0B (Q3 FY25), derived from year-to-date filings | $35.1B (Q3 FY25) | $18.8B (Q3 FY25), derived from year-to-date filings | $97.3B |
| Q4 2025 | $29.9B (Q2 FY26) | $27.9B (Q4 FY25), derived from year-to-date filings | $39.5B (Q4 FY25), derived from year-to-date filings | $21.4B (Q4 FY25), derived from year-to-date filings | $118.6B |
| Q1 2026 | $30.9B (Q3 FY26) | $35.7B (Q1 FY26) | $44.2B (Q1 FY26) | $19.0B (Q1 FY26) | $129.8B |
| Q2 2026 | $35.8B (Q4 FY26), derived from year-to-date filings | $44.9B (Q2 FY26), derived from year-to-date filings | $54.2B (Q2 FY26) | $30.1B (Q2 FY26), derived from year-to-date filings | $165.1B |
Source: SEC EDGAR XBRL company facts — company 10-Q and 10-K filings; latest quarter ended 30 Jun 2026; data as of 14 Oct 2026. Cash capex as each company defines it — Microsoft: Additions to property and equipment (cash; excludes assets acquired under finance leases); Alphabet: Purchases of property and equipment (cash); Amazon: Purchases of property and equipment (cash capex); Meta Platforms: Purchases of property and equipment (cash; excludes principal payments on finance leases). Calendar quarters: Microsoft's fiscal year ends in June (calendar Q2 2026 is its fiscal Q4 FY26), and its capex guidance is reported on an inconsistent calendar-versus-fiscal basis. Hatched segments are derived from year-to-date filings. Not investment advice.
2026 guidance vs spent
Cash capex spent in calendar H1 2026, by company (calc.)
- MicrosoftSpent in H1 2026:
$66.7B
Calculated: Microsoft cash capex, calendar Q1 2026 + Q2 2026 (SEC EDGAR XBRL)As of 14 Oct 2026Source - AlphabetSpent in H1 2026:
$80.6B
Calculated: Alphabet cash capex, calendar Q1 2026 + Q2 2026 (SEC EDGAR XBRL)As of 14 Oct 2026Source - AmazonSpent in H1 2026:
$98.4B
Calculated: Amazon cash capex, calendar Q1 2026 + Q2 2026 (SEC EDGAR XBRL)As of 14 Oct 2026Source - Meta PlatformsSpent in H1 2026:
$49.1B
Calculated: Meta Platforms cash capex, calendar Q1 2026 + Q2 2026 (SEC EDGAR XBRL)As of 14 Oct 2026Source
Guidance ranges appear once the Q3 2026 calls (from late October) are entered in the register. Each range will be shown as given, with its fiscal-year basis stated: Microsoft's fiscal year ends in June and its guidance is reported on an inconsistent calendar-versus-fiscal basis.
Spent: calendar Q1 + Q2 2026 cash capex from 10-Q and 10-K filings (SEC EDGAR XBRL company facts), summed (calc.); bars scaled to the largest spender; data as of 14 Oct 2026. Not investment advice.
The data behind the chart
| Calendar quarter | Microsoft | Alphabet | Amazon | Meta Platforms | Total |
|---|---|---|---|---|---|
| Q2 2026 | $35.8BSEC EDGAR 10-K (XBRL)As of 14 Oct 2026Source | $44.9BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $54.2BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $30.1BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $165.1B |
| Q1 2026 | $30.9BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $35.7BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $44.2BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $19.0BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $129.8B |
| Q4 2025 | $29.9BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $27.9BSEC EDGAR 10-K (XBRL)As of 14 Oct 2026Source | $39.5BSEC EDGAR 10-K (XBRL)As of 14 Oct 2026Source | $21.4BSEC EDGAR 10-K (XBRL)As of 14 Oct 2026Source | $118.6B |
| Q3 2025 | $19.4BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $24.0BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $35.1BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $18.8BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $97.3B |
| Q2 2025 | $17.1BSEC EDGAR 10-K (XBRL)As of 14 Oct 2026Source | $22.4BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $32.2BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $16.5BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $88.2B |
| Q1 2025 | $16.7BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $17.2BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $25.0BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $12.9BSEC EDGAR 10-Q (XBRL)As of 14 Oct 2026Source | $71.9B |
Questions
How much are the hyperscalers spending on capex?
Microsoft, Alphabet, Amazon and Meta Platforms spent $165.1B together on cash capex in calendar Q2 2026, +87% on Q2 2025, from their SEC filings.
Which hyperscaler spends the most on capex?
In calendar Q2 2026, Amazon spent the most of the four: $54.2B in cash capex.
How much have the big four spent on capex in 2026?
H1 2026: $294.8B across the four (calculated), led by Amazon $98.4B, Alphabet $80.6B, Microsoft $66.7B, Meta Platforms $49.1B.
Where do the capex figures come from?
Each company's cash capex (cash spent on property and equipment) from its 10-Q and 10-K filings, read through SEC EDGAR XBRL company facts and mapped to calendar quarters. Quarters a company has not yet reported are left blank.
Updated 14 Oct 2026. Source: SEC EDGAR XBRL company facts, each company's 10-Q and 10-K filings. Methodology: Capex & Circularity Map. Not investment advice.
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