Data article · Capex
Hyperscaler capex in 2026, quarter by quarter from the filings
Quarter by quarter
| Calendar quarter | Big-four cash capex |
|---|---|
| Q1 2025 | $71.9bn |
| Q2 2025 | $88.2bn |
| Q3 2025 | $97.3bn |
| Q4 2025 | $118.6bn |
| Q1 2026 | $129.8bn |
| Q2 2026 | $165.1bn |
By company, Q2 2026 against a year earlier
| Company | Q2 2026 | A year earlier | Change |
|---|---|---|---|
| Amazon | $54.2bn | $32.2bn | +68% |
| Alphabet | $44.9bn | $22.4bn | +100% |
| Microsoft | $35.8bn | $17.1bn | +110% |
| Meta Platforms | $30.1bn | $16.5bn | +82% |
- Amazon: Purchases of property and equipment (cash capex).
- Alphabet: Purchases of property and equipment (cash).
- Microsoft: Additions to property and equipment (cash; excludes assets acquired under finance leases).
- Meta Platforms: Purchases of property and equipment (cash; excludes principal payments on finance leases).
Capacity leased rather than bought does not appear in these figures, which is why lease commitments matter as much as capex.
Where the money goes
Capex buys four things: chips and servers, buildings, power and cooling equipment, and the land and grid connections underneath. As chip supply eases, the constraint moves to power and construction, and more of each dollar goes to electrical equipment, cooling and long-lead items such as transformers and turbines.
Part of the spending returns as revenue to the same small group of companies: chip makers supply the hyperscalers, the hyperscalers rent capacity to model developers, and model developers are funded in part by the hyperscalers. Plus subscribers get the monthly Capex & Circularity Map, which follows that loop.
Questions
How much are hyperscalers spending on capex in 2026?
The four largest — Microsoft, Alphabet, Amazon and Meta — paid $165.1bn for property and equipment in Q2 2026, from their filings, against $88.2bn a year earlier.
Which hyperscaler spends the most on capex?
Amazon, with $54.2bn of cash capex in the latest full quarter, followed by Alphabet ($44.9bn), Microsoft ($35.8bn), Meta Platforms ($30.1bn).
Does capex include leased datacentres?
No. These figures are cash paid for property and equipment; capacity leased rather than bought sits in lease commitments, and Microsoft's figure also excludes assets acquired under finance leases.
How fast is hyperscaler capex growing?
Quarterly cash capex at the big four went from $71.9bn in Q1 2025 to $165.1bn in Q2 2026.
Updated 14 Oct 2026. Source: SEC EDGAR 10-Q and 10-K filings (XBRL), purchases of or additions to property and equipment. Methodology: Free capex dashboard. Not investment advice.
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