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Hyperscaler capex 2026: quarterly spending, guidance and capacity
How much the largest cloud and AI operators are spending on data centres, servers and networking, quarter by quarter, and what named forecasters expect for data centre electricity and capacity. This spending is the demand behind power and cooling equipment orders. Updated 31 Oct 2026.
Filed figures, company guidance and forecasts are different things and are labelled. Guidance is a company forecast. CoolPower Index makes no forecasts of its own.
Not investment advice. Figures come from company filings, investor relations pages and named forecasters. We do not set price targets or make recommendations. Charts and commentary: Markets & Investment.
Hyperscaler capex at a glance
Key takeaways
- In Q3 2026 Microsoft, Alphabet, Amazon and Meta together spent US$201.9 bn on property and equipment, 108% more than in Q3 2025 (our calculation).
- Amazon grew fastest on a year earlier (120%), from US$35.1 bn to US$77.3 bn in the quarter.
- Calendar 2026 capex guidance runs from US$135 to 145 bn (Meta) to about US$220 bn (Amazon) per company. These are company forecasts on different bases, so we never add them up.
- This spending buys the buildings, servers, power and cooling behind AI and cloud growth, so it leads equipment orders by months. See capex against cash flow.
Confirmed
US$201.9bn
combined capex of the four calendar-quarter hyperscalers in Q3 2026 (SEC filings)
Confirmed
108%
growth on Q3 2025, our calculation from the same filings
Confirmed
US$496.7bn
spent in 2026 to the end of Q3 2026, against US$257.4 bn in the same months of 2025
Projected
5
companies with 2026 or fiscal 2027 capex guidance on this page, each in its own words and dated
Alphabet
Microsoft
Amazon
Meta
Oracle
Interactive version of the bar charts below: tap a company in the legend to hide or show it, and hover or tap a quarter to see the total of four and which quarters are derived from year-to-date filings. Oracle is left out because its quarters end in different months.
Source: US Securities and Exchange Commission, EDGAR XBRL company facts (10-Q and 10-K filings) (opens in a new tab), each quarter linked to its filing on the statistics page. Q3 2026 filings accessed 31 October 2026.
Show the data as a table
| Quarter | Alphabet (US$m) | Microsoft (US$m) | Amazon (US$m) | Meta (US$m) | Total of four (US$m) |
|---|---|---|---|---|---|
| Q3 2024 | 13,061 (derived) | 14,923 | 22,620 | 8,258 (derived) | 58,862 |
| Q4 2024 | 14,276 (derived) | 15,804 | 27,834 (derived) | 14,425 (derived) | 72,339 |
| Q1 2025 | 17,197 | 16,745 | 25,019 | 12,941 | 71,902 |
| Q2 2025 | 22,446 (derived) | 17,079 (derived) | 32,183 | 16,538 (derived) | 88,246 |
| Q3 2025 | 23,953 (derived) | 19,394 | 35,095 | 18,829 (derived) | 97,271 |
| Q4 2025 | 27,851 (derived) | 29,876 | 39,522 (derived) | 21,383 (derived) | 118,632 |
| Q1 2026 | 35,674 | 30,876 | 44,203 | 18,997 | 129,750 |
| Q2 2026 | 44,924 (derived) | 35,802 (derived) | 54,208 | 30,116 (derived) | 165,050 |
| Q3 2026 | 51,355 (derived) | 39,367 | 77,259 | 33,942 (derived) | 201,923 |
Same quarter a year apart, so seasonal swings do not distort the comparison. Growth rates in the tooltip and table are our calculation from filed or derived figures.
Source: US Securities and Exchange Commission, EDGAR XBRL company facts (10-Q and 10-K filings) (opens in a new tab). Accessed 31 October 2026.
Show the data as a table
| Company | Q3 2025 (US$m) | Q3 2026 (US$m) | Change, our calculation (%) |
|---|---|---|---|
| Alphabet | 23,953 | 51,355 | 114 |
| Microsoft | 19,394 | 39,367 | 103 |
| Amazon | 35,095 | 77,259 | 120 |
| Meta | 18,829 | 33,942 | 80 |
Quarterly capital expenditure
Latest calendar quarter (Q3 2026): Microsoft, Alphabet, Amazon and Meta together spent US$201.9 bn on property and equipment, against US$97.3 bn in Q3 2025. These are cash purchases from SEC filings. Oracle is shown separately because its quarters end in different months.
| Quarter | Alphabet | Microsoft | Amazon | Meta | Total of four |
|---|---|---|---|---|---|
| Q3 2024 | US$13.1 bn * | US$14.9 bn | US$22.6 bn | US$8.3 bn * | US$58.9 bn |
| Q4 2024 | US$14.3 bn * | US$15.8 bn | US$27.8 bn * | US$14.4 bn * | US$72.3 bn |
| Q1 2025 | US$17.2 bn | US$16.7 bn | US$25.0 bn | US$12.9 bn | US$71.9 bn |
| Q2 2025 | US$22.4 bn * | US$17.1 bn * | US$32.2 bn | US$16.5 bn * | US$88.2 bn |
| Q3 2025 | US$24.0 bn * | US$19.4 bn | US$35.1 bn | US$18.8 bn * | US$97.3 bn |
| Q4 2025 | US$27.9 bn * | US$29.9 bn | US$39.5 bn * | US$21.4 bn * | US$118.6 bn |
| Q1 2026 | US$35.7 bn | US$30.9 bn | US$44.2 bn | US$19.0 bn | US$129.8 bn |
| Q2 2026 | US$44.9 bn * | US$35.8 bn * | US$54.2 bn | US$30.1 bn * | US$165.1 bn |
| Q3 2026 | US$51.4 bn * | US$39.4 bn | US$77.3 bn | US$33.9 bn * | US$201.9 bn |
* Derived as the difference between two year-to-date figures in the filings. Microsoft quarters are its fiscal quarters (year ending 30 June) and end on the same dates as calendar quarters.
Values are the cash flow line "purchases of property and equipment" (XBRL PaymentsToAcquirePropertyPlantAndEquipment, or PaymentsToAcquireProductiveAssets for Amazon). Equipment obtained under finance leases is not a cash payment and is not included, so these figures can be lower than the capex a company quotes on its earnings call. Where a filing gives only a year-to-date figure, the quarter is the difference between two year-to-date figures, marked as derived.
Source: US Securities and Exchange Commission, EDGAR XBRL company facts (10-Q and 10-K filings) (opens in a new tab), with each quarter linked to its filing on the statistics page. Q3 2026 filings accessed 31 October 2026.
Annual totals
Year-to-date to Q3 2026, the four calendar-quarter companies spent US$496.7 bn, against US$257.4 bn in the same months of 2025.
| Company | Period | Purchases of property and equipment | Basis |
|---|---|---|---|
| Alphabet | 2025 | US$91.4 bn | Sum of 4 quarters as filed or derived |
| Alphabet | 2026, 3 quarters to date | US$132.0 bn | Sum of 3 quarters as filed or derived |
| Microsoft | 2025 | US$83.1 bn | Sum of 4 quarters as filed or derived; calendar quarters, not Microsoft fiscal years |
| Microsoft | 2026, 3 quarters to date | US$106.0 bn | Sum of 3 quarters as filed or derived; calendar quarters, not Microsoft fiscal years |
| Amazon | 2025 | US$131.8 bn | Sum of 4 quarters as filed or derived |
| Amazon | 2026, 3 quarters to date | US$175.7 bn | Sum of 3 quarters as filed or derived |
| Meta | 2025 | US$69.7 bn | Sum of 4 quarters as filed or derived |
| Meta | 2026, 3 quarters to date | US$83.1 bn | Sum of 3 quarters as filed or derived |
| Oracle | 4 fiscal quarters ending in 2025 | US$35.5 bn | Sum of 4 quarters as filed or derived; Oracle fiscal quarters, not a calendar year |
| Oracle | 3 fiscal quarters ending in 2026 | US$63.6 bn | Sum of 3 quarters as filed or derived; Oracle fiscal quarters, not a calendar year |
2026 capex guidance (company forecasts)
What each company said it expects to spend, in its own words and on its own basis. The bases differ (finance leases, cash capex, fiscal year), so these are never added together.
| Company | Period | Guidance | Basis and wording | Given | Source |
|---|---|---|---|---|---|
| Microsoft | Calendar year (stated on the 28 October 2026 call) | about US$170 bn Company forecast | Capital expenditure including finance leases (Microsoft records the full principal value of finance leases in capex at lease commencement). “In Q2, we expect CapEx spend will be over $50 billion. Therefore, for the calendar year, spend should be approximately $170 billion” | 28 Oct 2026 | Microsoft Investor Relations: Fiscal Year 2027 First Quarter Earnings Conference Call (opens in a new tab) Official source. Accessed 31 Oct 2026. |
| Alphabet | 2026 | US$195 to 205 bn Company forecast | Company-wide capital expenditure. “our full year 2026 CapEx guidance range of $195 billion to $205 billion remain unchanged. We continue to expect our CapEx to increase significantly in 2027” | 28 Oct 2026 | CNBC: Alphabet (GOOGL) earnings Q3 2026 (opens in a new tab) Third-party reported. Accessed 31 Oct 2026. |
| Amazon | 2026 | about US$220 bn Company forecast | Cash capital expenditures (Amazon's own measure, net of proceeds and incentives, so it differs from gross purchases of property and equipment). “We continue to expect 2026 cash capital expenditures to be approximately $220 billion.” | 29 Oct 2026 | Amazon.com, Inc.: Amazon.com Announces Third Quarter Results (opens in a new tab) Official source. Accessed 31 Oct 2026. |
| Meta | 2026 | US$135 to 145 bn Company forecast | Capital expenditures including principal payments on finance leases. “We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $135-145 billion, narrowed from our prior outlook of $130-145 billion.” | 21 Oct 2026 | Meta Platforms (SEC Form 8-K, exhibit 99.1): Meta Reports Third Quarter 2026 Results (opens in a new tab) Official source. Accessed 31 Oct 2026. |
| Oracle | Fiscal 2027 (June 2026 to May 2027) | US$90 to 95 bn Company forecast | Capital expenditure; Oracle also said net cash capex, net of customer prepayments, would be not more than $70 billion. “We continue to anticipate $90 billion to $95 billion in CapEx for the full year with not more than $70 billion in net cash CapEx.” | 10 Sept 2026 | The Motley Fool (call transcript): Oracle (ORCL) Q1 2027 Earnings Call Transcript (opens in a new tab) Third-party reported. Accessed 31 Oct 2026. |
What they said about 2027
- Alphabet (28 Oct 2026): “We continue to expect our CapEx to increase significantly in 2027 and will provide further details on our Q4 call.” CNBC (opens in a new tab)
- Amazon (29 Oct 2026): “expect to spend meaningfully more in 2027” Business Insider (opens in a new tab)
- Meta (21 Oct 2026): “Looking beyond 2026, we are still developing our budget and capacity plans for next year, but we expect to continue investing aggressively” Meta Platforms (SEC Form 8-K, exhibit 99.1) (opens in a new tab)
Other operators
- Alibaba Group: CNY 380 billion, three years from 2025. Planned investment in cloud computing and AI infrastructure over three years. Alibaba Group (opens in a new tab) (published 24 Feb 2025).
Data centre capacity and electricity forecasts
Named forecasts from the IEA, the US Department of Energy and analysts. Scenario ranges are kept as ranges. Each forecast is labelled and dated.
| Figure | Value | Period | Status | Source |
|---|---|---|---|---|
| Data centre electricity consumption, IEA estimate | 415 TWh | 2024 | Third-party reported | International Energy Agency: Energy and AI: energy demand from AI (opens in a new tab) Published 10 Apr 2025. Accessed 19 Oct 2026. |
| IEA Base Case projection of data centre electricity consumption | about 945 TWh | 2030 | forecast | International Energy Agency: Energy and AI: energy demand from AI (opens in a new tab) Published 10 Apr 2025. Accessed 19 Oct 2026. |
| IEA Base Case projection of data centre electricity consumption | about 1,200 TWh | 2035 | forecast | International Energy Agency: Energy and AI: energy demand from AI (opens in a new tab) Published 10 Apr 2025. Accessed 19 Oct 2026. |
| LBNL scenario range for US data centre electricity use, 6.7% to 12% of US electricity (united states) | 325 to 580 TWh | 2028 | scenario range | US Department of Energy: DOE releases new report evaluating increase in electricity demand from data centers (opens in a new tab) Published 20 Dec 2024. Accessed 19 Oct 2026. |
| Number of large data centres operated by hyperscale providers | 1,360 hyperscale data centres | as of 31 Dec 2025 | Third-party reported | Synergy Research Group: Hyperscale operators to account for 67% of all data center capacity by 2031 (opens in a new tab) Published 7 Apr 2026. Accessed 19 Oct 2026. |
| Hyperscale operators share of worldwide data centre capacity | 48% | as of 31 Dec 2025 | Third-party reported | Synergy Research Group: Hyperscale operators to account for 67% of all data center capacity by 2031 (opens in a new tab) Published 7 Apr 2026. Accessed 19 Oct 2026. |
| Forecast hyperscale share of worldwide data centre capacity | 67% | 2031 | forecast | Synergy Research Group: Hyperscale operators to account for 67% of all data center capacity by 2031 (opens in a new tab) Published 7 Apr 2026. Accessed 19 Oct 2026. |
| Amazon, Microsoft and Google combined share of hyperscale data centre capacity | 57% | 2026 Q1 | Third-party reported | TechInsights: US leads global datacenter capacity in 2026 (hyperscalers global datacenter capacity, Q1 2026) (opens in a new tab) Accessed 19 Oct 2026. |
| United States share of operational hyperscale capacity, measured by MW of critical IT load. Europe and China each about a third of the balance | 54% | as of 31 Dec 2024 | Third-party reported | Synergy Research Group: Hyperscale data center count hits 1,136, US accounts for 54% of total capacity (opens in a new tab) Published 19 Mar 2025. Accessed 19 Oct 2026. |
More national and regional figures are on the hyperscaler and cloud market hub and the statistics page.
Not shown
- CoreWeave, Nebius, Tencent, Baidu and other operators: quarterly capex not yet compiled here.
- Purchases of property and equipment exclude equipment obtained under finance leases, so they can be lower than the capex figure a company quotes.
- Oracle quarters end in February, May, August and November, so Oracle is never added to the calendar-quarter total.
- CoolPower Index makes no capex or capacity forecasts of its own.