China cloud capex by quarter
Alibaba, Baidu and Tencent, reported in renminbi exactly as filed. In Q2 2026 the 3 with a reading reported ¥132B in total (renminbi, not converted). Largest: Alibaba.
A quarter with no reading for a company shows the companies that have one.
Stacked capex by calendar quarter
CNY- Alibaba
- Tencent
- Baidu
| Calendar quarter | Alibaba | Tencent | Baidu |
|---|---|---|---|
| Q2 2025 | ¥38.7B | ¥19.1B | ¥3.8B |
| Q3 2025 | ¥31.5B | ¥13B | no reading |
| Q4 2025 | ¥29B | ¥19.6B | no reading |
| Q1 2026 | ¥26.9B | ¥31.9B | ¥5.9B |
| Q2 2026 | ¥67.7B | ¥52.8B | ¥11.4B |
Companies
Every reading
Open in the sortable table| Company | Reported quarter | Calendar | Capex | YoY | Guidance | Announced | Source |
|---|---|---|---|---|---|---|---|
| Alibaba | CY2026 Q2 | Q2 2026 | ¥67.7B | +75% | — | — | data.alibabagroup.com |
| Baidu | CY2026 Q2 | Q2 2026 | ¥11.4B | +200% | — | — | ir.baidu.com |
| Tencent | CY2026 Q2 | Q2 2026 | ¥52.8B | +176% | — | — | tencent.com |
| Alibaba | CY2026 Q1 | Q1 2026 | ¥26.9B | — | — | — | data.alibabagroup.com |
| Baidu | CY2026 Q1 | Q1 2026 | ¥5.9B | — | — | — | ir.baidu.com |
| Tencent | CY2026 Q1 | Q1 2026 | ¥31.9B | +16% | — | — | static.www.tencent.com |
| Alibaba | CY2025 Q4 | Q4 2025 | ¥29B | — | — | — | data.alibabagroup.com |
| Tencent | CY2025 Q4 | Q4 2025 | ¥19.6B | −46% | — | — | static.www.tencent.com |
| Alibaba | CY2025 Q3 | Q3 2025 | ¥31.5B | — | — | — | data.alibabagroup.com |
| Tencent | CY2025 Q3 | Q3 2025 | ¥13B | — | — | — | static.www.tencent.com |
| Alibaba | CY2025 Q2 | Q2 2025 | ¥38.7B | — | — | — | data.alibabagroup.com |
| Baidu | CY2025 Q2 | Q2 2025 | ¥3.8B | — | — | — | ir.baidu.com |
| Tencent | CY2025 Q2 | Q2 2025 | ¥19.1B | — | — | — | tencent.com |
| Tencent | CY2025 Q1 | Q1 2025 | ¥27.5B | — | — | — | static.www.tencent.com |
| Tencent | CY2024 Q4 | Q4 2024 | ¥36.6B | — | — | — | static.www.tencent.com |
Other groups
- US hyperscalersAlphabet, Amazon, Meta, Microsoft and Oracle
- NeocloudsCoreWeave, Nebius and IREN
- Other platformsApple and IBM