AI capital spending tracker
Microsoft, Amazon, Alphabet, Meta Platforms, Oracle: $230.4bn of capital spending in 2026 Q3, +117.8% on a year earlier, equal to 116.0% of the cash their operations brought in.
Source: company 10-Q and 10-K cash-flow statements.
View chart data
| Period | Capital spending |
|---|---|
| 2024 Q4 | $76.3B |
| 2025 Q1 | $77.8B |
| 2025 Q2 | $97.3B |
| 2025 Q3 | $105.8B |
| 2025 Q4 | $130.7B |
| 2026 Q1 | $148.4B |
| 2026 Q2 | $181.5B |
| 2026 Q3 | $230.4B |
Above 100% means spending more than operations generated in the quarter.
View chart data
| Period | Share of operating cash flow |
|---|---|
| 2024 Q4 | 56.0% |
| 2025 Q1 | 64.7% |
| 2025 Q2 | 72.3% |
| 2025 Q3 | 63.3% |
| 2025 Q4 | 72.2% |
| 2026 Q1 | 94.0% |
| 2026 Q2 | 97.4% |
| 2026 Q3 | 116.0% |
By company
| Company | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 |
|---|---|---|---|---|---|---|---|---|
| Microsoft | $15.8bn | $16.7bn | $17.1bn | $19.4bn | $29.9bn | $30.9bn | $35.8bn | $39.4bn |
| Amazon | $27.8bn | $25.0bn | $32.2bn | $35.1bn | $39.5bn | $44.2bn | $54.2bn | $77.3bn |
| Alphabet | $14.3bn | $17.2bn | $22.4bn | $24.0bn | $27.9bn | $35.7bn | $44.9bn | $51.4bn |
| Meta Platforms | $14.4bn | $12.9bn | $16.5bn | $18.8bn | $21.4bn | $19.0bn | $30.1bn | $33.9bn |
| Oracle | $4.0bn | $5.9bn | $9.1bn | $8.5bn | $12.0bn | $18.6bn | $16.5bn | $28.5bn |
| Total | $76.3bn | $77.8bn | $97.3bn | $105.8bn | $130.7bn | $148.4bn | $181.5bn | $230.4bn |
What counts
Capital spending is each company's reported purchases of property and equipment (data centres, servers, chips, land and buildings), from its cash-flow statement. Not all of it is for AI, and companies don't split it out consistently; finance leases, which some use for data centres, are not included. Quarters are calendar quarters of each company's fiscal period end; a quarter is shown once all five have reported.
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General information and analysis of public filings, not investment advice or a personal recommendation. Past figures are not a guide to future results; prices can fall as well as rise. See our disclaimer.