Hyperscaler capital spending
The companies that own the data centers and sign the capex plans. Capital spending, operating cash flow and free cash flow of Microsoft, Alphabet, Amazon, Meta and Oracle, quarter by quarter from their filings.
| Layer | Trend | Period ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| AmazonAMZN | Hyperscalers | $77.3B | $215.2B | +79.1% | $42.4B | −$34.8B | 182% | +$44.2B | Sep 2026 | |
| AlphabetGOOGL | Hyperscalers | $51.4B | $159.8B | +105.2% | $42.3B | −$9.1B | 121% | +$26.9B | Sep 2026 | |
| MicrosoftMSFT | Hyperscalers | $39.4B | $135.9B | +96.9% | $58.0B | $18.6B | 68% | +$23.0M | Sep 2026 | |
| MetaMETA | Hyperscalers | $33.9B | $104.4B | +66.5% | $32.8B | −$1.2B | 104% | −$2.7B | Sep 2026 | |
| OracleORCL | Hyperscalers | $28.5B | $75.7B | +176.0% | $23.1B | −$5.4B | 123% | — | Aug 2026 |
Four-quarter figures are the latest four reported quarters; the change compares the four before. Company-wide cash capex, not AI-only spending. Reporting periods vary. Debt change is the quarterly change in the long-term balance, not cash borrowing. Definitions and methodology
What does hyperscaler capex include?
These figures cover company-wide purchases of property, plant, and equipment reported in cash flow statements. They can include data centers, servers, land, and other assets. They are not a separate measure of AI investment, and cash capex can differ from management guidance that includes finance leases.