Signal Map · Tracker
AI Infrastructure Capex Tracker
Last updated: 2026-05-25
This tracks annual capital expenditure — the cash and lease commitments that turn into datacenters, servers, GPUs, and networking — for the companies funding the AI buildout: the four hyperscalers (Microsoft, Alphabet, Amazon, Meta), Oracle's fast-rising cloud, and the largest pure-play, CoreWeave. Capex is the most honest single number for the physical scale of AI: it is audited, disclosed every quarter, and hard to spin.
Every figure below is a reported actual drawn from a primary disclosure (10-K or earnings release) and verified against the SEC filing — not an estimate or a third-party model. Forward 2026 figures are official company guidance and are labeled as such. Click any column header to sort.
Figures in USD. Click a header to sort; click again to reverse.
↓ Download CSV| Microsoft MSFT | $28.1B | $44.5B | $64.6B | ~$190B | Jun 30 |
| Additions to property & equipment (cash; excludes finance leases). Earnings-call “capex incl. finance leases” runs higher. AI relevance: Microsoft states cloud and AI is nearly all of capex — roughly half datacenter build/lease, the rest servers (CPUs + GPUs). FY2026 guidance ~$190B is a calendar-year, finance-lease-inclusive figure (not directly comparable to the fiscal-year cash line); ~$25B of the rise is component-price inflation. | |||||
| Alphabet (Google) GOOGL | $32.3B | $52.5B | $91.4B | $175–185B | Dec 31 |
| Purchases of property & equipment (cash flow). No finance-lease principal added to headline capex. AI relevance: Primarily technical infrastructure for AI products and Google Cloud (servers, datacenters, networking). FY2025 guidance climbed through the year from ~$75B to $91–93B; actual landed at $91.4B. | |||||
| Amazon AMZN | $52.7B | $83.0B | $131.8B | ~$200B | Dec 31 |
| Purchases of PP&E, gross. Net of proceeds (Amazon’s preferred metric): $48.1B / $77.7B / $128.3B. Spans AWS + fulfillment/logistics, not AI alone. AI relevance: Reported increase “primarily reflects investments in artificial intelligence,” but capex is not AI-only — it includes the fulfillment and logistics network. Balance-sheet servers/networking equipment rose 52% YoY in 2025. | |||||
| Meta Platforms META | $28.1B | $39.2B | $72.2B | $115–135B | Dec 31 |
| Capex incl. principal payments on finance leases (Meta’s headline). Gross PP&E purchases alone: $27.0B / $37.3B / $69.7B. AI relevance: To support AI efforts and core business: servers, datacenters, network infrastructure. FY2025 guidance was $60–65B; actual reached $72.2B. | |||||
| Oracle ORCL | $8.7B | $6.9B | $21.2B | ~$50B | May 31 |
| Capital expenditures (cash flow line). FY2024 dipped below FY2023 before the FY2025 surge. AI relevance: Reflects build-out of Oracle Cloud Infrastructure (OCI) capacity, much of it for AI training and inference demand. FY2026 guidance raised to ~$50B (Q3-FY2026, Mar 2026) from an initial ~$35B. | |||||
| CoreWeave CRWV | $2.9B | $8.7B | $10.3B | $30–35B | Dec 31 |
| Purchase of PP&E incl. capitalized internal-use software. UNDERSTATES total fleet: much of CoreWeave’s GPU capacity is leased (finance/operating), not bought outright. AI relevance: Pure-play AI/GPU cloud — capex is almost entirely GPU fleet, networking, servers and datacenter equipment. Revenue scaled $229M (2023) → $1.9B (2024) → $5.1B (2025). 2026 capex guided to $30–35B against a contracted backlog. | |||||
Bold = FY2025, the most recent reported full year. “2026 guidance” is company-issued forward guidance, not an actual. The expandable note under each row gives the exact capex definition and AI context.
Methodology
“Capex” here is each company's reported capital-expenditure line from its statement of cash flows, using the company's own headline definition rather than a forced reconciliation — so the numbers match what each company reports to investors. Two caveats matter. Definitions differ: Meta's headline capex includes principal payments on finance leases (a few billion dollars of uplift); Amazon's gross purchases of property and equipment run several billion above its preferred “net of proceeds” figure (both are shown in the row note); Microsoft's 10-K cash line excludes finance leases, while the “capex including finance leases” it cites on earnings calls — and its 2026 guidance — run materially higher. Fiscal years don't line up: Microsoft's fiscal year ends June 30 and Oracle's ends May 31, while Alphabet, Amazon, Meta and CoreWeave report on a calendar year. So Microsoft's “FY2025” (ended June 2025) and Meta's “FY2025” (ended December 2025) overlap by only about six months. Capex is also not a pure AI metric for the diversified players — Amazon's in particular spans its fulfillment and logistics network, not just AWS. FY2026 figures are official company guidance and were subject to upward revision through the year. Treat cross-company comparisons as directional, not precise.
Sources
Primary disclosures, one per company. Each links to the filing on SEC EDGAR.
- Microsoft — FY2025 Form 10-K (period ended Jun 30, 2025), consolidated statement of cash flows. FY2026 guidance: FQ3-FY2026 earnings call (Apr 2026).
- Alphabet — Q4 & full-year 2025 earnings release (Form 8-K, Ex. 99.1, filed Feb 2026). FY2023 from FY2024 Form 10-K.
- Amazon — Q4 & full-year 2025 earnings release (Form 8-K, Ex. 99.1, filed Feb 2026). FY2023 figure from the Q4-2024 release.
- Meta Platforms — FY2025 Form 10-K (period ended Dec 31, 2025), MD&A and consolidated statement of cash flows.
- Oracle — FY2025 Form 10-K (period ended May 31, 2025), consolidated statement of cash flows. FY2026 guidance: FY2026 earnings calls.
- CoreWeave — FY2025 Form 10-K (period ended Dec 31, 2025), consolidated statement of cash flows.