Hyperscaler spending (SEC)
Quarterly cash paid for property and equipment by the companies building AI infrastructure, taken from their SEC filings since 2015: Microsoft, Alphabet, Amazon, Meta, Oracle and CoreWeave, plus the data-centre landlords Equinix and Digital Realty, a four-company total, and the share of operating cash flow that spending consumes.
These charts count the cash each company paid for property and equipment. That also buys warehouses, shops and offices, so it is not a count of what AI cost. ⚠ Each company reports a larger capital spending figure that also counts finance leases.
Cash spent on property, share of cash from operations derived
Derived
Each chart here combines several companies. Every point needs all of them to report first, so both charts stop one quarter earlier than the company charts.
Microsoft + Alphabet + Amazon + Meta derived
By company
Microsoft
Alphabet
Amazon
Meta Platforms
Oracle
CoreWeave
Data-centre REITs
These two companies build data centres and rent the space to other firms.
Equinix
Digital Realty
Figures
| Series | Latest | Change | Min | Max | Coverage |
|---|---|---|---|---|---|
| Cash spent on property, share of cash from operations | 81.8% | +34.5% yr | 35.8% | 81.8% | Jun 2018 — Jun 2026 |
| Microsoft + Alphabet + Amazon + MetaUSD (quarter) | 165B | +87.0% yr | 5.7B | 165B | Mar 2015 — Jun 2026 |
| MicrosoftUSD (quarter) | 35.8B | +109.6% yr | 1.4B | 35.8B | Mar 2015 — Jun 2026 |
| AlphabetUSD (quarter) | 44.9B | +100.1% yr | 2.1B | 44.9B | Mar 2015 — Jun 2026 |
| AmazonUSD (quarter) | 54.2B | +68.4% yr | 871M | 54.2B | Mar 2015 — Jun 2026 |
| Meta PlatformsUSD (quarter) | 30.1B | +82.1% yr | 502M | 30.1B | Mar 2015 — Jun 2026 |
| OracleUSD (quarter) | 16.5B | +81.6% yr | 180M | 18.6B | Mar 2015 — Jun 2026 |
| CoreWeaveUSD (quarter) | 6.4B | +161.8% yr | 1.2B | 7.7B | Mar 2024 — Jun 2026 |
| EquinixUSD (quarter) | 1.3B | +67.5% yr | 150M | 1.4B | Mar 2015 — Mar 2026 |
| Digital RealtyUSD (quarter) | 870M | +10.5% yr | 149M | 1.1B | Mar 2015 — Mar 2026 |