Figure 6: U.S.-Based Hyperscalers' Combined Capital Expenditures (Q1 2025-Q1 2026)

This figure was adapted from the Epoch AI article "Hyperscaler capex has quadrupled since GPT-4's release" which was published on February 26, 2026. This article's methodology was used to generate this similar updated figure which includes figures from Equinix. 

Note: Epoch AI provides the following information on its data collection methodology: "All data is extracted from SEC EDGAR 10-Q (quarterly) and 10-K (annual) filings of Amazon, Microsoft, Alphabet, Meta, and Oracle from Q1 2022 through Q4 2025." The values for Equinix were computed using the methodology provided in this article. Epoch AI also states: "The claim that capital expenditure growth is driven by AI infrastructure is broadly supported by company earnings calls and reflects their phrasing choices (Microsoft, Meta, Alphabet, Amazon). The exact portion going into AI infrastructure is not provided." Additional details on the methodology are provided in the Epoch AI article.

Also, as of July 27, 2026, only Alphabet and Oracle have published their 2026 Q2 data in the SEC EDGAR platform. As such, 2026 Q2 data is not presented in this figure.

Figure last updated on July 27, 2026.
Sources: Epoch AI, 2026; U.S. Securities and Exchange Commission (SEC) Electronic Data Gathering, Analysis, and Retrieval (EDGAR), 2026.