About The Capex Report
Independent data and research on the capital spending behind AI infrastructure, built from the filings and written for the people deciding what to do about it.
What this is
The Capex Report follows the money in the AI build-out. It takes the cash flow statements and balance sheets of 21 public companies across 5 layers of the build-out, from the hyperscalers that commission the data centers to the chip, systems and power companies that supply them, and reads three things from each quarterly filing: what the company spent on capital equipment, what its operations generated, and what it borrowed.
Every figure on the site traces to a 10-Q or 10-K. Nothing is estimated, modelled or surveyed. Where a filing is silent the page says so. That restraint is the point: in a market full of capex forecasts, this is the record of what was actually spent, kept current as each company reports.
Who it is for
Executives planning capacity, investors sizing the cycle, policymakers and officials weighing its claims on power and capital, and journalists and analysts who need a number they can defend. The common requirement is a figure that can be checked against its source in one click, and a page that states its own limits.
It is not a trading service and it does not give investment advice. It measures, and it says what the measurement can and cannot support.
Ledger, letter, reports
- The ledger, free
- This site. Every company’s latest quarter, the five hyperscalers on one calendar, each company’s eight-quarter statement, the questions the filings can answer, and the data behind each table as CSV and JSON. Updated as filings arrive; filings through October 30, 2026 as of this build.
- The letter, free
- One company at each earnings report, published on Substack: what the quarter changed, the specific markers that would confirm or break the argument, and what would change the author’s mind. Each marker is then graded on the company’s page here when the next quarter prints, so the record is public whichever way it goes. 3 letters have been published so far.
- Reports for institutions, in preparation
- Weekly and monthly briefings for firms and public bodies that need the full picture across all 21 companies, with the ledger’s figures reconciled and the letter’s arguments brought together. Details will appear on this page when they are ready.
How it is made
The figures come from the report’s own extract of each company’s filings in SEC EDGAR. Quarterly values are derived from year-to-date disclosures where companies report that way, fiscal quarters are placed in the calendar quarter in which they end for the hyperscaler comparisons, and restated values replace the originals. The dataset behind this build was updated on October 31, 2026.
Capital spending is company-wide. Amazon’s includes warehouses, Vistra’s includes power plants, and a chip supplier’s capex is its own plant, not its customers’ orders. The site never presents these as AI-only investment. The methodology sets out every definition and its limits.
Citing and reusing
Cite a page as The Capex Report, [page title], filings through [date]; each measuring page prints its own citation line with the date. Figures and tables may be quoted and reproduced with attribution and a link. The CSV and JSON downloads carry the same figures as the pages, in dollars.
Questions about the data belong with the methodology; the argument about what it means is in the letter.