{
  "meta": {
    "title": "AI Capex Tracker — hyperscaler capital expenditure",
    "url": "https://lycoristechnologies.com/ai-capex-tracker/",
    "updated": "2026-07-02",
    "units": "USD billions unless noted",
    "license": "CC BY 4.0 — reuse freely with a link to the tracker",
    "notes": [
      "Capex includes equipment finance leases where companies report them.",
      "Microsoft's June-fiscal quarters are mapped to the calendar quarters they cover; its calendar-year figures are derived and its 2026 figure is an analyst estimate.",
      "Guidance ranges are shown as stated by the companies."
    ]
  },
  "companies": [
    {
      "key": "amzn",
      "name": "Amazon",
      "ticker": "AMZN",
      "basis": "Calendar year"
    },
    {
      "key": "msft",
      "name": "Microsoft",
      "ticker": "MSFT",
      "basis": "Fiscal year ends June; quarters mapped to calendar"
    },
    {
      "key": "googl",
      "name": "Alphabet",
      "ticker": "GOOGL",
      "basis": "Calendar year"
    },
    {
      "key": "meta",
      "name": "Meta",
      "ticker": "META",
      "basis": "Calendar year"
    }
  ],
  "quarters": [
    "2024Q1",
    "2024Q2",
    "2024Q3",
    "2024Q4",
    "2025Q1",
    "2025Q2",
    "2025Q3",
    "2025Q4",
    "2026Q1"
  ],
  "quarterlyCapex": {
    "amzn": [
      15,
      17.6,
      22.6,
      27.8,
      25,
      31.4,
      34.2,
      34.6,
      42.3
    ],
    "msft": [
      14,
      19,
      20,
      22.6,
      21.4,
      24.2,
      34.9,
      37.4,
      39.4
    ],
    "googl": [
      12,
      13.2,
      13.1,
      14.2,
      17.2,
      22.4,
      24.3,
      28.3,
      38.9
    ],
    "meta": [
      6.7,
      8.5,
      9.2,
      14.8,
      13.7,
      17,
      19.4,
      21.4,
      27.6
    ]
  },
  "annual": [
    {
      "company": "amzn",
      "y2024": 83,
      "y2025": 125.2,
      "y2025Stated": "≈$125B",
      "y2026Low": 195,
      "y2026High": 205,
      "y2026Mid": 200,
      "y2026Kind": "guidance",
      "y2026Stated": "≈$200B",
      "note": "2025 guidance was raised twice during the year, from ≈$100B."
    },
    {
      "company": "msft",
      "y2024": 75.6,
      "y2025": 117.9,
      "y2025Stated": "$117.9B (derived)",
      "y2026Low": 185,
      "y2026High": 215,
      "y2026Mid": 200,
      "y2026Kind": "estimate",
      "y2026Stated": "$185–215B (analyst est.)",
      "note": "Microsoft guides quarter-by-quarter on a June fiscal year (FY25 ≈ $88B). Calendar figures are derived from fiscal quarters; 2026 is an analyst estimate."
    },
    {
      "company": "googl",
      "y2024": 52.5,
      "y2025": 92.2,
      "y2025Stated": "$91–93B",
      "y2026Low": 180,
      "y2026High": 190,
      "y2026Mid": 185,
      "y2026Kind": "guidance",
      "y2026Stated": "$180–190B",
      "note": "2026 range moved up from $175–185B in April, citing Cloud and Gemini demand."
    },
    {
      "company": "meta",
      "y2024": 39.2,
      "y2025": 71.5,
      "y2025Stated": "$70–72B",
      "y2026Low": 125,
      "y2026High": 145,
      "y2026Mid": 135,
      "y2026Kind": "guidance",
      "y2026Stated": "$125–145B",
      "note": "Raised from $115–135B in April, citing component pricing and additional data-center capacity."
    }
  ],
  "revenue": {
    "amzn": {
      "y2025": 694,
      "y2026Est": 770
    },
    "msft": {
      "y2025": 290,
      "y2026Est": 330
    },
    "googl": {
      "y2025": 402,
      "y2026Est": 445
    },
    "meta": {
      "y2025": 198,
      "y2026Est": 225
    }
  },
  "combined": {
    "y2024": 250.3,
    "y2025": 406.8,
    "y2026MidSum": 720,
    "y2026Low": 685,
    "y2026High": 755,
    "y2026Consensus": 725,
    "latestQuarter": 148.2,
    "latestQuarterYoY": 91.7,
    "ttm": 477.7,
    "ttmPrior": 279.9,
    "cumulativeSince2024": 805.3,
    "scope": "Microsoft, Alphabet, Meta, and Amazon"
  },
  "runRate": {
    "perSecond": 22974,
    "perDay": 2,
    "perHour": 83,
    "basis": "2026 combined plans (≈$725B) spread evenly across the year"
  },
  "guidanceEvents": [
    {
      "date": "2026-05-01",
      "company": "amzn",
      "kind": "reiterate",
      "period": "2026",
      "to": "≈$200B",
      "note": "Reiterated alongside Q1 results; capex 'driven almost entirely by AWS and AI demand.'"
    },
    {
      "date": "2026-04-30",
      "company": "msft",
      "kind": "signal",
      "period": "FY27",
      "to": "FY27 growth rate above FY26's",
      "note": "No full-year number, but guided expectations up for the fiscal year starting July 2026."
    },
    {
      "date": "2026-04-29",
      "company": "meta",
      "kind": "raise",
      "period": "2026",
      "from": "$115–135B",
      "to": "$125–145B",
      "note": "Cited component pricing and additional data-center capacity coming online sooner."
    },
    {
      "date": "2026-04-28",
      "company": "googl",
      "kind": "raise",
      "period": "2026",
      "from": "$175–185B",
      "to": "$180–190B",
      "note": "Cited Cloud backlog and Gemini serving demand."
    },
    {
      "date": "2026-02-05",
      "company": "amzn",
      "kind": "set",
      "period": "2026",
      "to": "≈$200B",
      "note": "First 2026 signal: 'meaningfully above' 2025's ≈$125B."
    },
    {
      "date": "2026-02-03",
      "company": "googl",
      "kind": "set",
      "period": "2026",
      "to": "$175–185B",
      "note": "Nearly double 2025's spend; flagged depreciation headwinds to come."
    },
    {
      "date": "2026-01-28",
      "company": "meta",
      "kind": "set",
      "period": "2026",
      "to": "$115–135B",
      "note": "'Notably larger' 2026 first quantified."
    },
    {
      "date": "2025-10-30",
      "company": "amzn",
      "kind": "raise",
      "period": "2025",
      "from": "≈$118B",
      "to": "≈$125B",
      "note": "Second raise of the year."
    },
    {
      "date": "2025-10-29",
      "company": "msft",
      "kind": "signal",
      "period": "FY26",
      "to": "FY26 growth rate above FY25's",
      "note": "Guided fiscal-2026 capex growth up after a $34.9B September quarter."
    },
    {
      "date": "2025-10-28",
      "company": "googl",
      "kind": "raise",
      "period": "2025",
      "from": "$85B",
      "to": "$91–93B",
      "note": "Third 2025 number of the year."
    },
    {
      "date": "2025-10-29",
      "company": "meta",
      "kind": "raise",
      "period": "2025",
      "from": "$66–72B",
      "to": "$70–72B",
      "note": "Range narrowed toward the top."
    },
    {
      "date": "2025-07-31",
      "company": "amzn",
      "kind": "raise",
      "period": "2025",
      "from": "≈$100B",
      "to": "≈$118B",
      "note": "H2 run-rate stepped up on AWS demand."
    },
    {
      "date": "2025-07-23",
      "company": "googl",
      "kind": "raise",
      "period": "2025",
      "from": "$75B",
      "to": "$85B",
      "note": "First 2025 raise, on Cloud demand."
    },
    {
      "date": "2025-04-30",
      "company": "meta",
      "kind": "raise",
      "period": "2025",
      "from": "$60–65B",
      "to": "$64–72B",
      "note": "Raised on data-center buildout and hardware costs."
    },
    {
      "date": "2025-02-06",
      "company": "amzn",
      "kind": "set",
      "period": "2025",
      "to": "≈$100B",
      "note": "Set the tone for the year: 'a once-in-a-lifetime business opportunity.'"
    },
    {
      "date": "2025-02-04",
      "company": "googl",
      "kind": "set",
      "period": "2025",
      "to": "$75B",
      "note": "Well above the ~$58B analysts expected at the time."
    },
    {
      "date": "2025-01-29",
      "company": "meta",
      "kind": "set",
      "period": "2025",
      "to": "$60–65B",
      "note": "Announced alongside the Llama roadmap."
    }
  ],
  "earningsCalendar": [
    {
      "date": "2026-07-28",
      "company": "googl",
      "label": "Alphabet Q2 2026",
      "confirmed": false,
      "watch": "Whether the $180–190B range moves again, and first depreciation commentary."
    },
    {
      "date": "2026-07-29",
      "company": "msft",
      "label": "Microsoft FY26 Q4",
      "confirmed": false,
      "watch": "Full FY26 capex total lands; first concrete FY27 guidance after the 'growth above FY26' signal."
    },
    {
      "date": "2026-07-29",
      "company": "meta",
      "label": "Meta Q2 2026",
      "confirmed": false,
      "watch": "Whether $125–145B holds — Meta has raised at four straight earnings calls."
    },
    {
      "date": "2026-07-30",
      "company": "amzn",
      "label": "Amazon Q2 2026",
      "confirmed": false,
      "watch": "Whether ≈$200B firms into a range, and AWS capacity commentary."
    }
  ],
  "changelog": [
    {
      "date": "2026-07-02",
      "text": "Tracker v2: quarterly series for all four companies (Microsoft mapped to calendar quarters), interactive charts, guidance-revision timeline, earnings calendar, scale comparisons, live spend estimate, and JSON/CSV downloads. Corrected Microsoft's March-2026 quarter to $39.4B — the reported +84% YoY implies $39.4B, not the $30.9B first printed."
    },
    {
      "date": "2026-07-01",
      "text": "Tracker launched with annual figures and combined big-four totals."
    }
  ],
  "sources": [
    {
      "label": "Company earnings releases, 10-K/10-Q filings, and call transcripts",
      "href": null
    },
    {
      "label": "Microsoft investor relations",
      "href": "https://www.microsoft.com/en-us/investor"
    },
    {
      "label": "Alphabet investor relations",
      "href": "https://abc.xyz/investor/"
    },
    {
      "label": "Meta investor relations",
      "href": "https://investor.atmeta.com/"
    },
    {
      "label": "Amazon investor relations",
      "href": "https://ir.aboutamazon.com/"
    },
    {
      "label": "Tom's Hardware — Big-tech capex to hit $725B in 2026",
      "href": "https://www.tomshardware.com/tech-industry/big-tech/big-techs-ai-spending-plans-reach-725-billion"
    },
    {
      "label": "Yahoo Finance — Hyperscalers hit $700B in 2026 AI spending plans",
      "href": "https://finance.yahoo.com/sectors/technology/articles/hyperscalers-hit-700-billion-2026-111243744.html"
    },
    {
      "label": "Futurum — AI capex 2026: the $690B infrastructure sprint",
      "href": "https://futurumgroup.com/insights/ai-capex-2026-the-690b-infrastructure-sprint/"
    }
  ]
}