Overview
verified 2026-09-27
The money behind AI infrastructure, from the filings: what the build-out has spent, committed and borrowed, and what moved.
CAPEX, four quarters · 2025 Q3 – 2026 Q2
$691B
36 filers, each from its own reports · not in the sum, for want of all four quarters: Digital Realty
how it is counted
cash purchases of property and equipment over the four calendar quarters ending at the newest quarter at least 90 % of the filers have reported, summed over the filers that reported all four; the filers left out are named
- Leases signed, not yet commenced →18 filers, each as of its newest statement; largest: Microsoft $329B, Meta $279B, Oracle $260B
how it is counted
leases signed but not yet commenced, as each company last stated them, summed; the statements are as of different dates because fiscal years differ
- $1,169B
- Notes issued since 2024 →361 tranches, each as the company priced it
how it is counted
principal of the notes priced since 2024, in USD at the pricing-date rate, as their offering documents state it
- $565B
- Loans and credit facilities since 2024 →83 facilities as signed
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $91B
- Credit: US high-yield spread →as of 2026-09-23 · 10-year Treasury 5.11%
how it is counted
the US high-yield option-adjusted spread and the 10-year Treasury yield, newest observation
- 2.73%
CAPEX by quarter · the same 24 filers throughout
per quarter since 2022 Q4, one fixed set of filers — those that reported every quarter of the window — so new coverage does not read as growth; `filersReporting` counts every filer that reported the quarter.
the 24 filers
Amazon, AMD, Apple, Applied Digital, Broadcom, CleanSpark, Constellation, Core Scientific, Credo, Dell, Equinix, Alphabet, Intel, MARA, Meta, Micron, Microsoft, Oracle, Riot, Supermicro, TeraWulf, Tesla, Vertiv, Vistra.CAPEX league · 2025 Q3 – 2026 Q2
37 rows
per filer: the same four quarters, the four before them and the change; null where the filer did not report all four
| # | |||||
|---|---|---|---|---|---|
| 1 | Amazon AMZN | $173.0B | $107.7B | +60.7% | 2026 Q2 $54.21B |
| 2 | Alphabet GOOGL | $132.4B | $67.0B | +97.7% | 2026 Q2 $44.92B |
| 3 | Microsoft MSFT | $115.9B | $64.6B | +79.6% | 2026 Q2 $35.80B |
| 4 | Meta META | $89.3B | $52.2B | +71.2% | 2026 Q2 $30.12B |
| 5 | Oracle ORCL | $55.7B | $21.2B | +162.4% | 2026 Q3 $28.50B |
| 6 | Micron MU | $25.3B | $13.3B | +89.7% | 2026 Q2 $7.83B |
| 7 | CoreWeave CRWV | $20.6B | $8.6B | +139.9% | 2026 Q2 $6.42B |
| 8 | Tesla TSLA | $12.9B | $10.2B | +27.0% | 2026 Q2 $5.79B |
| 9 | Intel INTC | $12.1B | $21.0B | -42.4% | 2026 Q2 $2.56B |
| 10 | Apple AAPL | $10.0B | $12.4B | -18.9% | 2026 Q2 $2.46B |
| 11 | NVIDIA NVDA | $7.4B | $5.0B | +46.7% | 2026 Q2 $2.68B |
| 12 | Equinix EQIX | $5.4B | $3.5B | +56.7% | 2026 Q2 $1.58B |
| 13 | Constellation CEG | $3.9B | $2.9B | +36.5% | 2026 Q2 $1.25B |
| 14 | Dell DELL | $3.6B | $2.6B | +37.3% | 2026 Q2 $1.24B |
| 15 | IREN IREN | $3.0B | $0.6B | +423.2% | 2026 Q2 $1.33B |
| 16 | Vistra VST | $2.9B | $2.6B | +11.4% | 2026 Q2 $0.69B |
| 17 | Applied Digital APLD | $2.9B | $0.7B | +320.7% | 2026 Q2 $1.29B |
| 18 | TeraWulf WULF | $2.2B | $0.4B | +472.2% | 2026 Q2 $0.86B |
| 19 | GE Vernova GEV | $1.7B | $0.9B | +96.0% | 2026 Q2 $0.39B |
| 20 | AMD AMD | $1.7B | $0.8B | +101.1% | 2026 Q2 $0.81B |
| 21 | Galaxy GLXY | $1.5B | not all four | — | 2026 Q2 $0.40B |
| 22 | Core Scientific CORZ | $1.5B | $0.3B | +457.4% | 2026 Q2 $0.57B |
| 23 | Broadcom AVGO | $1.3B | $0.5B | +146.1% | 2026 Q2 $0.53B |
| 24 | Cipher CIFR | $1.2B | $0.3B | +259.8% | 2026 Q2 $0.41B |
| 25 | Hut 8 HUT | $0.7B | $0.2B | +230.7% | 2026 Q2 $0.58B |
| 26 | Arm ARM | $0.6B | $0.3B | +70.9% | 2026 Q2 $0.20B |
| 27 | Bit Digital BTBT | $0.5B | $0.2B | +105.1% | 2026 Q2 $0.18B |
| 28 | WhiteFiber WYFI | $0.5B | not all four | — | 2026 Q2 $0.18B |
| 29 | Vertiv VRT | $0.4B | $0.2B | +138.2% | 2026 Q2 $0.17B |
| 30 | MARA MARA | $0.3B | $0.4B | -10.2% | 2026 Q2 $0.02B |
| 31 | Riot RIOT | $0.3B | $0.2B | +27.9% | 2026 Q2 $0.06B |
| 32 | Talen TLN | $0.2B | $0.1B | +150.5% | 2026 Q2 $0.14B |
| 33 | Supermicro SMCI | $0.2B | $0.1B | +25.8% | 2026 Q2 $0.03B |
| 34 | CleanSpark CLSK | $0.1B | $0.1B | -37.4% | 2026 Q2 $0.01B |
| 35 | Credo CRDO | $0.1B | $0.0B | +82.4% | 2026 Q2 $0.01B |
| 36 | Astera Labs ALAB | $0.1B | $0.0B | +51.3% | 2026 Q2 $0.02B |
| 37 | Digital Realty DLR | not all four | $3.0B | — | 2026 Q1 $0.87B |
What changed
2026-09-23 → 2026-09-28 · 72 new · 403 changed · 35 gone- newsecuritisationBarclays Commercial Mortgage Securities LLC: DATA 2023-CNTR Mortgage Trust
- newsecuritisationCITIGROUP COMMERCIAL MORTGAGE SECURITIES INC: SWCH Commercial Mortgage Trust 2025-DATA
- newsecuritisationClass B. Sabey Data Center Properties LLC: Sabey Data Center Issuer LLC series 2022-1
- newsecuritisationDI PROPCO LLC: Vault DI Issuer LLC series 2021-1
- newsecuritisationDI Sponsor LLC: DI Issuer LLC series 2021-1
- newsecuritisationJP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP: J.P. Morgan Chase Commercial Mortgage Securities Trust 2022-DATA
- newrating actionDDC 01 Propco LLC: expected rating BB-(EXP)
- newnotealibaba: 4.875% notes due 2030, USD 1.00B