Annual CAPEX of China’s Cloud Service Providers

China’s cloud providers are boosting capex partly to meet surging AI and computing demand

* 1) 3 Cloud Service Providers: Tencent, Alibaba, and Baidu. 2) The 2025 figures are author estimates based on management guidance from Q1 2025 earnings and disclosed data. 3) These estimates are subject to change with future updates or strategic shifts.
Chart: Ray Wang Source: Data compiled from company disclosures and media reports, with calculations by the author. Created with Datawrapper