Big Tech AI Capex 2026: Hyperscaler Spending Tracker

As of October 2026, the five biggest AI infrastructure spenders reported a combined quarterly capital expenditure run rate of roughly $195 billion. In the April–June 2026 quarter, Amazon spent $54.2 billion on property and equipment, Alphabet $44.9 billion, Microsoft $35.8 billion and Meta $31.1 billion (including finance lease principal), while Oracle spent $28.5 billion in its June–August quarter. Every figure below comes from the companies' own earnings releases and SEC filings, with links to each document.

This page is a reference tracker. It is updated after each earnings cycle and does not include analyst forecasts or stock commentary. For wider coverage of the companies, see our Big Tech section.

Latest reported quarter, company by company

The companies define capex in slightly different ways, so the label each one uses is given next to the number.

Amazon

Q2 2026 (quarter ended June 30, 2026): purchases of property and equipment of $54.2 billion, up from $32.2 billion a year earlier (Q2 2026 earnings release).
First half of 2026: $98.4 billion, against $57.2 billion in the first half of 2025.
Trailing twelve months: $169.0 billion net of proceeds from sales and incentives, up 64% year over year.
Company comment: the release says the increase "primarily reflects investments in artificial intelligence". The 10-Q adds that most technology infrastructure spending supports AWS.
Full-year guidance: no dollar figure. The 10-Q says Amazon expects spending on technology infrastructure and on fulfillment capacity to increase in 2026.

Alphabet

Q2 2026: purchases of property and equipment of $44.9 billion, double the $22.4 billion of Q2 2025 (Q2 2026 earnings release).
First half of 2026: $80.6 billion, against $39.6 billion a year earlier.
Full-year guidance: the 10-Q says Alphabet expects to "significantly increase" technical infrastructure investment in 2026 compared with 2025, covering servers, network equipment and data centers. The filing gives no dollar range.
Funding: in June 2026 Alphabet raised $49.6 billion in net proceeds from stock and mandatory convertible preferred stock, earmarked in part for AI infrastructure capex, and set up an at-the-market program of up to $40 billion.

Microsoft

Fiscal Q4 2026 (quarter ended June 30, 2026): additions to property and equipment of $35.8 billion, up from $17.1 billion a year earlier (FY26 Q4 press release).
Fiscal year 2026 (July 2025–June 2026): $115.9 billion, up from $64.6 billion in fiscal 2025 and $44.5 billion in fiscal 2024 (fiscal 2026 10-K).
Finance leases: the cash figure excludes data centers taken on through finance leases. Microsoft obtained $24.6 billion of finance-lease right-of-use assets in fiscal 2026.
Full-year guidance: the 10-K says Microsoft will keep investing in capex for cloud growth and AI training, without a dollar figure.

Oracle

Fiscal Q1 2027 (quarter ended August 31, 2026): capital expenditures of $28.5 billion, up from $8.5 billion a year earlier (Q1 FY27 earnings release).
Fiscal year 2026 (June 2025–May 2026): $55.7 billion across four quarters.
Net cash outlay: Oracle also reports a non-GAAP measure that subtracts customer prepayments and short-term financing tied to capex. On that basis it spent $18.0 billion in fiscal Q1 2027, after $11.4 billion of customer prepayments.
Free cash flow: negative $5.4 billion for the quarter.
Full-year guidance: no dollar figure. The 10-Q says Oracle expects fiscal 2027 capex to be higher than fiscal 2026 as it expands existing data centers and opens new ones.

Combined spending

Add the four calendar-quarter reporters for April–June 2026 and the total is about $166.0 billion: $54.2 billion from Amazon, $44.9 billion from Alphabet, $35.8 billion from Microsoft and $31.1 billion from Meta. Oracle's June–August quarter adds $28.5 billion, which brings the total to about $194.5 billion. These are our sums of company-reported figures. Because the definitions differ, the total is an approximation and not a like-for-like measure.

A year earlier the same four companies reported about $88.7 billion for April–June 2025: $32.2 billion from Amazon, $22.4 billion from Alphabet, $17.1 billion from Microsoft and $17.0 billion from Meta (purchases plus lease principal). Quarterly spending therefore rose by roughly 87% in a year.

Why the reported numbers are not directly comparable

Readers comparing these companies should check which line item each one reports:

Cash purchases only. Alphabet, Amazon, Microsoft and Oracle headline the cash-flow line for purchases of property and equipment or capital expenditures. Assets acquired through finance leases do not appear in that line.
Cash plus finance lease principal. Meta adds principal payments on finance leases to its capex figure and its guidance, on the view that both represent equipment it needs regardless of how it is financed.
Gross versus net. Amazon's trailing-twelve-month figure subtracts proceeds from asset sales and incentives. Oracle's net cash outlay figure subtracts customer prepayments.
Fiscal calendars. Microsoft's fiscal year ends June 30 and Oracle's ends May 31. Microsoft's "fiscal Q4 2026" is therefore the same April–June period as everyone else's Q2 2026. Oracle's latest quarter is offset by two months.

Leases signed but not yet on the books

Quarterly capex shows only part of the commitment. All the companies also sign long data center leases that start in future years. Those leases are disclosed in the filings but are not yet recorded as liabilities:

Microsoft: $329.1 billion of leases, mainly for data centers, that had not commenced as of June 30, 2026. They are due to start between fiscal 2027 and fiscal 2033.
Meta: about $279.0 billion of data center, colocation and network leases not yet commenced as of June 30, 2026. In July 2026 Meta signed roughly $68 billion more, starting in 2027 and 2028 (Q2 2026 10-Q).
Amazon: $137.2 billion in payments on leases not yet commenced, listed in its commitments table.
Alphabet: $85.2 billion of future payments on leases, primarily data centers, that will commence between 2026 and 2031.

Much of this spending ends up with chip, memory and packaging suppliers. Our Chips section follows that side of the market, and our explainer on why RAM prices are so high traces one direct effect.

When this tracker updates

Microsoft, Alphabet, Amazon and Meta normally report calendar third-quarter (July–September) results in the second half of October. Each company announces its exact date on its investor relations site. Oracle's fiscal Q2 2027 ends November 30, 2026, and it normally reports in December. This page is refreshed with each new set of filings. Release dates for chipmakers are listed in our chip earnings calendar for Q3 2026.

Frequently asked questions

How much are big tech companies spending on AI capex in 2026?

As of October 2026, Amazon, Alphabet, Microsoft and Meta together reported about $166 billion of capital expenditures for April–June 2026, and Oracle reported $28.5 billion for June–August. The companies attribute most of the increase to AI data centers, servers and network equipment.

What is Meta's capex guidance for 2026?

In its Q2 2026 release, Meta guided to $130–145 billion of 2026 capital expenditures, including principal payments on finance leases. That narrowed an earlier range of $125–145 billion.

How much did Microsoft spend on capex in fiscal 2026?

Microsoft reported $115.9 billion of additions to property and equipment for the fiscal year ended June 30, 2026, including $35.8 billion in the fourth quarter. Assets acquired through finance leases come on top of that cash figure.

Which hyperscaler spends the most on capex?

In the April–June 2026 quarter, Amazon reported the largest cash purchases of property and equipment at $54.2 billion, ahead of Alphabet at $44.9 billion. Definitions vary, so check whether finance leases and incentives are included before comparing.

When do big tech companies report Q3 2026 capex?

Microsoft, Alphabet, Amazon and Meta normally release calendar third-quarter results in the second half of October, on dates posted on their investor relations sites. Oracle reports its quarter ending November 30, 2026 in December.