US hyperscalers capex by quarter
Alphabet, Amazon, Meta, Microsoft and Oracle: the five US companies whose capex sets the pace of AI data center demand. In Q3 2026 the 5 with a reading reported $237B in total. Largest: Amazon.
Totals add each company’s reported figure. Definitions differ by company, so the chart shows scale and direction; the reading pages give each company’s own definition. A quarter with no reading for a company shows the companies that have one.
Stacked capex by calendar quarter
USD- Microsoft
- Alphabet
- Amazon
- Meta
- Oracle
| Calendar quarter | Microsoft | Alphabet | Amazon | Meta | Oracle |
|---|---|---|---|---|---|
| Q3 2024 | no reading | no reading | $22.6B | no reading | $2.3B |
| Q4 2024 | $22.6B | no reading | $27.8B | no reading | $4B |
| Q1 2025 | $21.4B | $17.2B | $25B | $13.7B | $5.9B |
| Q2 2025 | $24.2B | $22.4B | $32.2B | $17B | $9.1B |
| Q3 2025 | $34.9B | $24B | $35.1B | $19.4B | $8.5B |
| Q4 2025 | $37.5B | $27.9B | $39.5B | $22.1B | $12B |
| Q1 2026 | $31.9B | $35.7B | $44.2B | $19.8B | $18.6B |
| Q2 2026 | $41B | $44.9B | $54.2B | $31.1B | $16.5B |
| Q3 2026 | $45.2B | $51.4B | $77.3B | $34.9B | $28.5B |
Companies
Every reading
Open in the sortable table| Company | Reported quarter | Calendar | Capex | YoY | Guidance | Announced | Source |
|---|---|---|---|---|---|---|---|
| Alphabet | CY2026 Q3 | Q3 2026 | $51.4B | +114% | $195B to $205B (CY2026) | 28 Oct 2026 | abc.xyz |
| Amazon | CY2026 Q3 | Q3 2026 | $77.3B | +120% | about $220B (CY2026) | 29 Oct 2026 | ir.aboutamazon.com |
| Meta | CY2026 Q3 | Q3 2026 | $34.9B | +80% | $135B to $145B (CY2026) | 21 Oct 2026 | investor.atmeta.com |
| Microsoft | FY2027 Q1 | Q3 2026 | $45.2B | +30% | about $170B (CY2026) | 28 Oct 2026 | microsoft.com |
| Oracle | FY2027 Q1 | Q3 2026 | $28.5B | +235% | — | 10 Sep 2026 | investor.oracle.com |
| Alphabet | CY2026 Q2 | Q2 2026 | $44.9B | +100% | $195B to $205B (CY2026) | 22 Jul 2026 | abc.xyz |
| Amazon | CY2026 Q2 | Q2 2026 | $54.2B | +68% | — | 30 Jul 2026 | ir.aboutamazon.com |
| Meta | CY2026 Q2 | Q2 2026 | $31.1B | +83% | $130B to $145B (CY2026) | 29 Jul 2026 | investor.atmeta.com |
| Microsoft | FY2026 Q4 | Q2 2026 | $41B | +69% | about $175B (CY2026) | 29 Jul 2026 | microsoft.com |
| Oracle | FY2026 Q4 | Q2 2026 | $16.5B | +82% | — | 10 Jun 2026 | investor.oracle.com |
| Alphabet | CY2026 Q1 | Q1 2026 | $35.7B | +108% | $180B to $190B (CY2026) | 29 Apr 2026 | abc.xyz |
| Amazon | CY2026 Q1 | Q1 2026 | $44.2B | +77% | — | 29 Apr 2026 | ir.aboutamazon.com |
| Meta | CY2026 Q1 | Q1 2026 | $19.8B | +45% | $125B to $145B (CY2026) | 29 Apr 2026 | investor.atmeta.com |
| Microsoft | FY2026 Q3 | Q1 2026 | $31.9B | +49% | about $190B (CY2026) | 29 Apr 2026 | microsoft.com |
| Oracle | FY2026 Q3 | Q1 2026 | $18.6B | +218% | about $50B (FY2026) | 10 Mar 2026 | investor.oracle.com |
| Alphabet | CY2025 Q4 | Q4 2025 | $27.9B | — | $175B to $185B (CY2026) | 4 Feb 2026 | abc.xyz |
| Amazon | CY2025 Q4 | Q4 2025 | $39.5B | +42% | about $200B (CY2026) | 5 Feb 2026 | ir.aboutamazon.com |
| Meta | CY2025 Q4 | Q4 2025 | $22.1B | — | $115B to $135B (CY2026) | 28 Jan 2026 | investor.atmeta.com |
| Microsoft | FY2026 Q2 | Q4 2025 | $37.5B | +66% | — | 28 Jan 2026 | microsoft.com |
| Oracle | FY2026 Q2 | Q4 2025 | $12B | +203% | — | 10 Dec 2025 | investor.oracle.com |
| Alphabet | CY2025 Q3 | Q3 2025 | $24B | — | $91B to $93B (CY2025) | 29 Oct 2025 | abc.xyz |
| Amazon | CY2025 Q3 | Q3 2025 | $35.1B | +55% | — | 30 Oct 2025 | ir.aboutamazon.com |
| Meta | CY2025 Q3 | Q3 2025 | $19.4B | — | $70B to $72B (CY2025) | 29 Oct 2025 | investor.atmeta.com |
| Microsoft | FY2026 Q1 | Q3 2025 | $34.9B | — | — | 29 Oct 2025 | microsoft.com |
| Oracle | FY2026 Q1 | Q3 2025 | $8.5B | +269% | — | 9 Sep 2025 | investor.oracle.com |
| Alphabet | CY2025 Q2 | Q2 2025 | $22.4B | — | about $85B (CY2025) | 23 Jul 2025 | abc.xyz |
| Amazon | CY2025 Q2 | Q2 2025 | $32.2B | +83% | — | 31 Jul 2025 | ir.aboutamazon.com |
| Meta | CY2025 Q2 | Q2 2025 | $17B | — | $66B to $72B (CY2025) | 30 Jul 2025 | investor.atmeta.com |
| Microsoft | FY2025 Q4 | Q2 2025 | $24.2B | — | — | 30 Jul 2025 | microsoft.com |
| Oracle | FY2025 Q4 | Q2 2025 | $9.1B | — | — | 11 Jun 2025 | investor.oracle.com |
| Alphabet | CY2025 Q1 | Q1 2025 | $17.2B | — | about $75B (CY2025) | 24 Apr 2025 | abc.xyz |
| Amazon | CY2025 Q1 | Q1 2025 | $25B | +68% | — | 1 May 2025 | ir.aboutamazon.com |
| Meta | CY2025 Q1 | Q1 2025 | $13.7B | — | $64B to $72B (CY2025) | 30 Apr 2025 | investor.atmeta.com |
| Microsoft | FY2025 Q3 | Q1 2025 | $21.4B | — | — | 30 Apr 2025 | microsoft.com |
| Oracle | FY2025 Q3 | Q1 2025 | $5.9B | — | — | 10 Mar 2025 | investor.oracle.com |
| Amazon | CY2024 Q4 | Q4 2024 | $27.8B | — | — | — | ir.aboutamazon.com |
| Microsoft | FY2025 Q2 | Q4 2024 | $22.6B | — | — | 29 Jan 2025 | microsoft.com |
| Oracle | FY2025 Q2 | Q4 2024 | $4B | — | — | 9 Dec 2024 | investor.oracle.com |
| Amazon | CY2024 Q3 | Q3 2024 | $22.6B | — | — | — | ir.aboutamazon.com |
| Oracle | FY2025 Q1 | Q3 2024 | $2.3B | — | — | 9 Sep 2024 | investor.oracle.com |
| Amazon | CY2024 Q2 | Q2 2024 | $17.6B | — | — | — | ir.aboutamazon.com |
| Amazon | CY2024 Q1 | Q1 2024 | $14.9B | — | — | — | ir.aboutamazon.com |
Other groups
- NeocloudsCoreWeave, Nebius and IREN
- China cloudAlibaba, Baidu and Tencent, reported in renminbi exactly as filed.
- Other platformsApple and IBM