SpendingFilings through October 30, 2026
The ledger
In their latest reported quarters, the twenty-one companies on the ledger spent $260.7 billion on capital equipment, 86% of the $302.4 billion their operations generated. 7 of them spent more than they generated. Over four quarters the companies spent $781.0 billion, +88.2% on the four before, and 20 of 21 raised their spending. Reporting periods differ, so the sum is a snapshot of the latest filings, not one calendar quarter.
Sources, method and freshnessFilings through October 30, 2026
Purchases of property and equipment, net cash from operating activities and long-term debt from each company’s 10-Q and 10-K filings in SEC EDGAR, latest-filed value per period. Each row is the company’s latest quarter in the structured filings; reporting periods vary.
Capital spending is company-wide and includes investment unrelated to AI. The debt column is the change in long-term debt on the balance sheet, a proxy for net borrowing.
Cite as The Capex Report, The ledger, filings through October 30, 2026.
Every company, latest quarter
Millions of dollars. Download CSV| Company | Latest quarter | Capital spending | Cash from operations | Free cash flow | Spend as share of cash flow | Four-quarter spend | Change on prior four | Long-term debt, change in quarter |
|---|---|---|---|---|---|---|---|---|
| Microsoft | Sep 2026 | 39,367 | 58,000 | 18,633 | 68% | 135,921 | +96.9% | +23 |
| Alphabet | Sep 2026 | 51,355 | 42,290 | (9,065) | 121% | 159,804 | +105.2% | +26,937 |
| Amazon | Sep 2026 | 77,259 | 42,422 | (34,837) | 182% | 215,192 | +79.1% | +44,231 |
| Meta | Sep 2026 | 33,942 | 32,785 | (1,157) | 104% | 104,438 | +66.5% | (2,742) |
| Oracle | Aug 2026 | 28,499 | 23,103 | (5,396) | 123% | 75,660 | +176.0% | — |
| Hyperscalers | 230,422 | 198,600 | (31,822) | 116% | 691,015 | +93.5% | — | |
| Nvidia | Jul 2026 | 2,677 | 24,077 | 21,400 | 11% | 7,354 | +46.7% | +24,896 |
| Broadcom | Aug 2026 | 532 | 14,197 | 13,665 | 4% | 1,250 | +146.1% | (5,488) |
| AMD | Jun 2026 | 808 | 2,366 | 1,558 | 34% | 1,677 | +101.1% | +1 |
| Micron | Sep 2026 | 11,110 | 43,973 | 32,863 | 25% | 30,712 | +93.7% | — |
| Arista | Jun 2026 | 30 | 1,083 | 1,053 | 3% | 151 | +110.7% | — |
| Ciena | Aug 2026 | 80 | 196 | 116 | 41% | 240 | +34.3% | +1,710 |
| Coherent | Jun 2026 | 556 | 69 | (486) | 800% | 1,103 | +150.2% | +30 |
| Astera Labs | Jun 2026 | 20 | 88 | 67 | 23% | 59 | +52.5% | — |
| Intel | Sep 2026 | 4,024 | 5,082 | 1,058 | 79% | 13,704 | −19.4% | (2,232) |
| Compute, memory and networking | 19,837 | 91,131 | 71,295 | 22% | 56,251 | +40.9% | — | |
| Super Micro | Jun 2026 | 28 | 747 | 719 | 4% | 162 | +27.3% | — |
| Dell | Jul 2026 | 1,239 | 2,225 | 986 | 56% | 3,592 | +37.3% | +2,374 |
| Vertiv | Sep 2026 | 139 | 794 | 655 | 18% | 518 | +176.6% | (15) |
| Systems and power equipment | 1,406 | 3,766 | 2,360 | 37% | 4,272 | +45.7% | — | |
| CoreWeave | Jun 2026 | 6,422 | 679 | (5,743) | 946% | 20,566 | +139.9% | — |
| Neoclouds | 6,422 | 679 | (5,743) | 946% | 20,566 | +139.9% | — | |
| Vistra | Jun 2026 | 689 | 1,023 | 334 | 67% | 2,866 | +11.4% | +432 |
| Constellation | Jun 2026 | 1,246 | 1,128 | (118) | 110% | 3,897 | +36.5% | +2,117 |
| GE Vernova | Sep 2026 | 647 | 6,057 | 5,410 | 11% | 2,101 | +119.8% | — |
| Power | 2,582 | 8,208 | 5,626 | 31% | 8,864 | +38.9% | — | |
| Twenty-one companies | 260,669 | 302,384 | 41,715 | 86% | 780,968 | +88.2% | — | |
Millions of dollars, each company’s latest quarter in the structured filings. Negatives in parentheses. Free cash flow is operating cash flow less capital spending as the company reports them. The debt column is the change in long-term debt on the balance sheet, a proxy for net borrowing.
The five layers
Sort and search all twenty-one| Layer | What it is | Companies | Four-quarter spend, $ millions | Change on prior four |
|---|---|---|---|---|
| Hyperscalers | The companies that own the data centers and sign the capex plans. | MicrosoftAlphabetAmazonMetaOracle | 691,015 | 93% |
| Compute, memory and networking | Chips, memory, optics and switches sold into the build-out. | NvidiaBroadcomAMDMicronAristaCienaCoherentAstera LabsIntel | 56,251 | 41% |
| Systems and power equipment | Servers, racks, cooling and the equipment that carries the power. | Super MicroDellVertiv | 4,272 | 46% |
| Neoclouds | Rented GPU capacity, financed mostly with debt. | CoreWeave | 20,566 | 140% |
| Power | Generation and grid equipment the sites depend on. | VistraConstellationGE Vernova | 8,864 | 39% |
Questions the filings answer
Every question, with its rule- Are the hyperscalers spending more than they make?
A company counts in a quarter when its purchases of property and equipment exceed its net cash from operating activities, both as reported in its cash flow statement for that quarter.
- Is AI capex being funded with debt?
A company counts in a quarter when it spent more on property and equipment than it generated from operations and its long-term debt on the balance sheet rose over the quarter. A company whose filing carries no long-term debt line for either quarter is not judged.
- Is hyperscaler capex still accelerating?
A company counts in a quarter when its purchases of property and equipment are at least 25% above the same calendar quarter a year earlier. The threshold is a round number chosen before any result was read.
How to read it
Sources and methodologyEach row is one company’s latest quarter in the structured SEC filings, so quarters mix: a company that reported last week appears when its 10-Q is processed, and until then its row shows the quarter before. The column dates say which.
Capital spending is company-wide. Amazon’s includes warehouses and Vistra’s includes power plants, and nothing here splits out the share that is AI. A supplier’s capex is its own investment in plant, not its customers’ orders. The methodology sets out each definition and its limits.
The ledger measures. It does not say whether the spending will pay. That argument, company by company at each earnings report, is the letter, and the markers each letter leaves are graded on the company pages as the quarters arrive.