The AI build‑out, read from the filings.
Independent data on the AI infrastructure build: what twenty-one companies spend on data centers and equipment, how they pay for it, whether demand is arriving, and what the supply chain, the grid and the national accounts show. Every figure comes from a company filing or a U.S. government release, dated and linked to its source.
Company-wide cash capex, fiscal quarters placed in the calendar quarter in which they end. Hover a quarter to read it.
Each company’s latest reported quarter, filings through October 30, 2026. Reporting periods vary. The full ledger
Updated this week
October 24, 2026 to October 31, 2026- Oct 30, 2026FilingCompaniesAmazon filed the quarter ended September 30, 2026Capital spending $77.3 billion, 182% of operating cash flow; four quarters +79.1% on the four before.
- Oct 30, 2026FilingCompaniesIntel filed the quarter ended September 26, 2026Capital spending $4.0 billion, 79% of operating cash flow; four quarters −19.4% on the four before.
- Oct 29, 2026Debt pricedFundingMicrosoft priced $25.0 billion of registered notes10 tranches, from the FWP filed October 30, 2026.
- Oct 29, 2026FilingCompaniesAlphabet filed the quarter ended September 30, 2026Capital spending $51.4 billion, 121% of operating cash flow; four quarters +105.2% on the four before.
- Oct 28, 2026FilingCompaniesMicrosoft filed the quarter ended September 30, 2026Capital spending $39.4 billion, 68% of operating cash flow; four quarters +96.9% on the four before.
- Oct 28, 2026FilingCompaniesVertiv filed the quarter ended September 30, 2026Capital spending $0.1 billion, 18% of operating cash flow; four quarters +176.6% on the four before.
- Oct 28, 2026FilingCompaniesGE Vernova filed the quarter ended September 30, 2026Capital spending $0.6 billion, 11% of operating cash flow; four quarters +119.8% on the four before.
What the site tracks
Seven questions, each with its pagesSpending
How much is being spent, and is it on plan?
The ledgerHyperscalersCapex including leasesDepreciation and the asset basePlan against printFunding
Who is paying for it?
Who pays for the buildThe debt stackThe balance sheetDemand
Is it earning anything yet?
Contracted demandWhere the AI revenue isSupply chain
Is the money reaching the suppliers?
Hardware importsPower
Can the grid deliver it?
Electricity demandEconomy
How big is it in the national accounts?
The build in the national accountsCompanies
Who is on the ledger?
The companiesThe five layersEarnings calendar