CAPEX
verified 2026-09-27
How much is each company spending, and how fast is it growing?
Every filer read from its own reports (cash purchases of property & equipment (cash-flow statement)), on calendar quarters; the rankings count filers of at least $5B.
CAPEX in 2025
$508B
37 filers with all four quarters
how it is counted
the newest calendar year whose fourth quarter at least 90 % of filers have reported; a filer counts only if it reported all four quarters
- HyperscalersAmazon, Alphabet, Meta, Microsoft, Oracle
- $412B
- Four quarters, 2025 Q3 – 2026 Q2 →36 filers — the home page's figure
- $691B
- Fastest growing: Oracle →$10.7B in 2024 → $35.5B
how it is counted
the largest growth on the year before, among filers that spent at least $5 billion the year before
- +230.2%
- Most capital-intensive: CoreWeave →CAPEX $10.3B on revenue of $5.1B
how it is counted
the highest CAPEX as a share of revenue over the year, among filers with at least $5 billion of revenue
- 201%
CAPEX by quarter, per company
Companies:
Every filer · 2025 and its newest quarter
37 rows
| # | |||||||
|---|---|---|---|---|---|---|---|
| 1 | Amazon AMZN | $131.8B | $83.0B | +58.8% | $54.21B 2026 Q2 | 27.0% | +68.4% |
| 2 | Alphabet GOOGL | $91.4B | $52.5B | +74.1% | $44.92B 2026 Q2 | 37.5% | +100.1% |
| 3 | Microsoft MSFT | $83.1B | $55.6B | +49.6% | $35.80B 2026 Q2 | 39.8% | +109.6% |
| 4 | Meta META | $69.7B | $37.3B | +87.1% | $30.12B 2026 Q2 | 49.5% | +82.1% |
| 5 | Oracle ORCL | $35.5B | $10.7B | +230.2% | $28.50B 2026 Q3 | 147.3% | +235.2% |
| 6 | Micron MU | $18.0B | $9.8B | +84.2% | $7.83B 2026 Q2 | 18.9% | +166.4% |
| 7 | Intel INTC | $14.6B | $23.9B | -38.8% | $2.56B 2026 Q2 | 15.8% | -28.0% |
| 8 | Apple AAPL | $12.1B | $10.0B | +21.5% | $2.46B 2026 Q2 | 2.2% | -29.1% |
| 9 | CoreWeave CRWV | $10.3B | $8.7B | +18.5% | $6.42B 2026 Q2 | 249.4% | +161.8% |
| 10 | Tesla TSLA | $8.5B | $11.3B | -24.8% | $5.79B 2026 Q2 | 20.5% | +141.8% |
| 11 | NVIDIA NVDA | $6.0B | $3.2B | +86.7% | $2.68B 2026 Q2 | 2.8% | +41.3% |
| 12 | Equinix EQIX | $4.3B | $3.1B | +40.6% | $1.58B 2026 Q2 | 60.1% | +59.6% |
| 13 | Digital Realty DLR | $3.2B | $2.8B | +12.3% | $0.87B 2026 Q1 | 53.2% | +10.5% |
| 14 | Constellation CEG | $2.9B | $2.6B | +15.0% | $1.25B 2026 Q2 | 16.6% | +62.5% |
| 15 | Vistra VST | $2.8B | $2.1B | +32.4% | $0.69B 2026 Q2 | 17.2% | -0.1% |
| 16 | Dell DELL | $2.6B | $2.7B | -0.7% | $1.24B 2026 Q2 | 2.6% | +83.6% |
| 17 | GE Vernova GEV | $1.3B | $0.9B | +44.6% | $0.39B 2026 Q2 | 3.5% | +123.1% |
| 18 | Applied Digital APLD | $1.3B | $0.3B | +290.1% | $1.29B 2026 Q2 | — | +551.0% |
| 19 | Galaxy GLXY | $1.2B | not all four | — | $0.40B 2026 Q2 | 4.7% | +30.8% |
| 20 | TeraWulf WULF | $1.1B | $0.3B | +294.4% | $0.86B 2026 Q2 | 1902.2% | +613.3% |
| 21 | IREN IREN | $1.0B | not all four | — | $1.33B 2026 Q2 | — | +622.3% |
| 22 | AMD AMD | $1.0B | $0.6B | +53.1% | $0.81B 2026 Q2 | 7.0% | +186.5% |
| 23 | Broadcom AVGO | $0.8B | $0.5B | +47.0% | $0.53B 2026 Q2 | 1.8% | +274.6% |
| 24 | Core Scientific CORZ | $0.7B | $0.1B | +666.3% | $0.57B 2026 Q2 | 344.5% | +366.9% |
| 25 | Arm ARM | $0.5B | $0.2B | +249.4% | $0.20B 2026 Q2 | 15.3% | +27.9% |
| 26 | Cipher CIFR | $0.5B | $0.1B | +249.3% | $0.41B 2026 Q2 | 1640.0% | +244.5% |
| 27 | MARA MARA | $0.4B | $0.3B | +62.2% | $0.02B 2026 Q2 | 8.6% | -87.4% |
| 28 | Bit Digital BTBT | $0.3B | $0.1B | +204.3% | $0.18B 2026 Q2 | 550.0% | +114.6% |
| 29 | WhiteFiber WYFI | $0.3B | not all four | — | $0.18B 2026 Q2 | 606.9% | +117.3% |
| 30 | Vertiv VRT | $0.2B | $0.2B | +31.1% | $0.17B 2026 Q2 | 5.3% | +284.4% |
| 31 | Hut 8 HUT | $0.2B | $0.1B | +62.9% | $0.58B 2026 Q2 | 773.3% | +1188.9% |
| 32 | Riot RIOT | $0.2B | $0.2B | -16.2% | $0.06B 2026 Q2 | 35.1% | +1.7% |
| 33 | CleanSpark CLSK | $0.1B | $0.1B | +31.6% | $0.01B 2026 Q2 | — | -86.0% |
| 34 | Supermicro SMCI | $0.1B | $0.2B | -39.1% | $0.03B 2026 Q2 | 0.3% | +21.7% |
| 35 | Talen TLN | $0.1B | $0.1B | +15.3% | $0.14B 2026 Q2 | 18.6% | +321.2% |
| 36 | Credo CRDO | $0.1B | $0.0B | +58.3% | $0.01B 2026 Q2 | 1.5% | +133.3% |
| 37 | Astera Labs ALAB | $0.0B | not all four | — | $0.02B 2026 Q2 | 5.1% | +900.0% |
Quarterly Data Matrix
Every filer read from its own filings · calendar quarters since 2022 Q4
| Company | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AmazonAMZN | $16.6B | $14.2B | $11.5B | $12.5B | $14.6B | $14.9B | $17.6B | $22.6B | $27.8B | $25.0B | $32.2B | $35.1B | $39.5B | $44.2B | $54.2B | — | $131.8B |
| AlphabetGOOGL | $7.6B | $6.3B | $6.9B | $8.1B | $11.0B | $12.0B | $13.2B | $13.1B | $14.3B | $17.2B | $22.4B | $24.0B | $27.9B | $35.7B | $44.9B | — | $91.4B |
| MicrosoftMSFT | $6.3B | $6.6B | $8.9B | $9.9B | $9.7B | $11.0B | $13.9B | $14.9B | $15.8B | $16.7B | $17.1B | $19.4B | $29.9B | $30.9B | $35.8B | — | $83.1B |
| MetaMETA | $8.8B | $6.8B | $6.1B | $6.5B | $7.6B | $6.4B | $8.2B | $8.3B | $14.4B | $12.9B | $16.5B | $18.8B | $21.4B | $19.0B | $30.1B | — | $69.7B |
| OracleORCL | $2.4B | $2.6B | $1.9B | $1.3B | $1.1B | $1.7B | $2.8B | $2.3B | $4.0B | $5.9B | $9.1B | $8.5B | $12.0B | $18.6B | $16.5B | $28.5B | $35.5B |
| MicronMU | $2.4B | $2.2B | $1.6B | $1.5B | $1.8B | $1.4B | $2.1B | $3.1B | $3.2B | $4.1B | $2.9B | $5.7B | $5.4B | $6.4B | $7.8B | — | $18.0B |
| IntelINTC | $5.7B | $7.4B | $5.9B | $5.8B | $6.7B | $6.0B | $5.7B | $6.5B | $5.8B | $5.2B | $3.5B | $2.4B | $3.5B | $3.6B | $2.6B | — | $14.6B |
| AppleAAPL | $3.8B | $2.9B | $2.1B | $2.2B | $2.4B | $2.0B | $2.2B | $2.9B | $2.9B | $3.1B | $3.5B | $3.2B | $2.4B | $2.0B | $2.5B | — | $12.1B |
| CoreWeaveCRWV | — | — | — | — | — | $1.7B | $2.2B | $1.2B | $3.5B | $1.4B | $2.5B | $2.4B | $4.1B | $7.7B | $6.4B | — | $10.3B |
| TeslaTSLA | $1.9B | $2.1B | $2.1B | $2.5B | $2.3B | $2.8B | $2.3B | $3.5B | $2.8B | $1.5B | $2.4B | $2.2B | $2.4B | $2.5B | $5.8B | — | $8.5B |
| NVIDIANVDA | — | $0.2B | $0.3B | $0.3B | $0.3B | $0.4B | $1.0B | $0.8B | $1.1B | $1.2B | $1.9B | $1.6B | $1.3B | $1.8B | $2.7B | — | $6.0B |
| EquinixEQIX | $0.8B | $0.5B | $0.6B | $0.6B | $1.0B | $0.7B | $0.6B | $0.7B | $1.0B | $0.8B | $1.0B | $1.1B | $1.4B | $1.3B | $1.6B | — | $4.3B |
| Digital RealtyDLR | $0.9B | $0.7B | $0.6B | $1.1B | $1.1B | $0.7B | $0.7B | $0.8B | $0.7B | $0.8B | $0.7B | $0.7B | $1.0B | $0.9B | — | — | $3.2B |
| ConstellationCEG | $0.6B | $0.7B | $0.7B | $0.4B | $0.7B | $0.7B | $0.5B | $0.6B | $0.7B | $0.8B | $0.8B | $0.4B | $1.0B | $1.3B | $1.2B | — | $2.9B |
| VistraVST | $0.4B | $0.5B | $0.4B | $0.3B | $0.4B | $0.5B | $0.5B | $0.7B | $0.4B | $0.8B | $0.7B | $0.5B | $0.8B | $0.9B | $0.7B | — | $2.8B |
| DellDELL | $0.8B | $0.7B | $0.6B | $0.7B | $0.7B | $0.6B | $0.7B | $0.6B | $0.7B | $0.6B | $0.7B | $0.7B | $0.7B | $1.0B | $1.2B | — | $2.6B |
| GE VernovaGEV | — | $0.1B | $0.2B | $0.2B | $0.3B | $0.2B | $0.2B | $0.2B | $0.3B | $0.2B | $0.2B | $0.2B | $0.7B | $0.4B | $0.4B | — | $1.3B |
| Applied DigitalAPLD | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.1B | $0.2B | $0.3B | $0.2B | $0.2B | $0.6B | $0.8B | $1.3B | — | $1.3B |
| GalaxyGLXY | — | — | — | — | — | — | — | — | — | $0.1B | $0.3B | $0.2B | $0.6B | $0.3B | $0.4B | — | $1.2B |
| TeraWulfWULF | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.2B | $0.1B | $0.1B | $0.2B | $0.6B | $0.5B | $0.9B | — | $1.1B |
| IRENIREN | — | — | — | — | — | — | — | $0.1B | $0.1B | $0.1B | $0.2B | $0.2B | $0.5B | $0.9B | $1.3B | — | $1.0B |
| AMDAMD | $0.1B | $0.2B | $0.1B | $0.1B | $0.1B | $0.1B | $0.2B | $0.1B | $0.2B | $0.2B | $0.3B | $0.3B | $0.2B | $0.4B | $0.8B | — | $1.0B |
| BroadcomAVGO | $0.1B | $0.1B | $0.1B | $0.1B | $0.1B | $0.1B | $0.2B | $0.1B | $0.1B | $0.1B | $0.1B | $0.2B | $0.3B | $0.2B | $0.5B | — | $0.8B |
| Core ScientificCORZ | $0.1B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.1B | $0.2B | $0.3B | $0.4B | $0.6B | — | $0.7B |
| ArmARM | — | — | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.1B | $0.1B | $0.2B | $0.1B | $0.2B | $0.1B | $0.2B | — | $0.5B |
| CipherCIFR | $0.0B | $0.0B | $0.0B | $0.0B | — | $0.0B | $0.0B | $0.1B | $0.0B | $0.1B | $0.1B | $0.0B | $0.2B | $0.6B | $0.4B | — | $0.5B |
| MARAMARA | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.2B | $0.0B | $0.1B | $0.1B | $0.2B | $0.1B | $0.0B | — | $0.4B |
| Bit DigitalBTBT | — | — | — | — | — | $0.0B | $0.0B | $0.0B | $0.1B | $0.1B | $0.1B | $0.0B | $0.1B | $0.2B | $0.2B | — | $0.3B |
| WhiteFiberWYFI | — | — | — | — | — | — | — | — | — | $0.1B | $0.1B | $0.0B | $0.1B | $0.2B | $0.2B | — | $0.3B |
| VertivVRT | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.0B | $0.0B | $0.0B | $0.1B | $0.1B | $0.2B | — | $0.2B |
| Hut 8HUT | — | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.0B | $0.1B | $0.0B | $0.0B | $0.1B | $0.0B | $0.6B | — | $0.2B |
| RiotRIOT | $0.0B | $0.1B | $0.1B | $0.0B | $0.0B | $0.1B | $0.1B | $0.1B | $0.1B | $0.0B | $0.1B | $0.0B | $0.1B | $0.1B | $0.1B | — | $0.2B |
| CleanSparkCLSK | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | — | $0.1B |
| SupermicroSMCI | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | $0.0B | — | $0.1B |
| TalenTLN | — | — | — | — | — | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.1B | — | $0.1B |
| CredoCRDO | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | — | $0.1B |
| Astera LabsALAB | — | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | — | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | $0.0B | — | $0.0B |
| Filers reporting | $59.5B26 filers | $55.1B30 filers | $50.8B31 filers | $54.1B31 filers | $62.1B30 filers | $64.2B34 filers | $74.9B33 filers | $83.6B35 filers | $101.1B35 filers | $99.6B37 filers | $120.2B37 filers | $129.1B37 filers | $159.5B37 filers | $183.0B37 filers | $222.2B36 filers | $28.5B1 filers |
Each filer's own reports: cash purchases of property and equipment, on calendar quarters. The bottom row sums the filers that reported the quarter — their number changes, so read each sum with its count.
Typed by hand — no primary source read yet
These companies' quarters were typed by hand from the sources each names, some converted from their own currency; no rule has read them, so they are in no sum, no chart and no ranking on this page.
Baidu
| Q4'24 | $0.5B | Q4 2024 Earnings (est. from RMB) |
| Q3'24 | $0.5B | Q3 2024 Earnings (est. from RMB) |
| Q2'24 | $0.5B | Q2 2024 Earnings (est. from RMB) |
| Q1'24 | $0.5B | Q1 2024 Earnings (est. from RMB) |
| Q4'23 | $0.5B | Q4 2023 Earnings (est. from RMB) |
| Q3'23 | $0.4B | Q3 2023 Earnings (est. from RMB) |
Alibaba
| Q4'24 | $3.3B | FY2025 Q4 Earnings (est.) |
| Q3'24 | $2.9B | FY2025 Q3 Earnings (est.) |
| Q2'24 | $3.2B | FY2025 Q2 Earnings (est.) |
| Q1'24 | $2.8B | FY2025 Q1 Earnings (est.) |
| Q4'23 | $2.2B | FY2024 Q4 Earnings (est.) |
| Q3'23 | $1.9B | FY2024 Q3 Earnings (est.) |
Tencent
| Q4'24 | $2.5B | Q4 2024 Earnings (est.) |
| Q3'24 | $2.6B | Q3 2024 Earnings (est.) |
| Q2'24 | $2.5B | Q2 2024 Earnings (est.) |
| Q1'24 | $2.2B | Q1 2024 Earnings (est.) |
| Q4'23 | $1.7B | Q4 2023 Earnings (est.) |
| Q3'23 | $1.7B | Q3 2023 Earnings (est.) |
ASML
| Q4'25 | $0.5B | ASML Q4 2025 Earnings (est.) |
| Q3'25 | $0.5B | ASML Q3 2025 Earnings (est.) |
| Q2'25 | $0.5B | ASML Q2 2025 Earnings (est.) |
| Q1'25 | $0.4B | ASML Q1 2025 Earnings |
| Q4'24 | $0.4B | ASML Q4 2024 Earnings |
| Q3'24 | $0.4B | ASML Q3 2024 Earnings |
TSMC
| Q4'25 | $11.2B | TSMC Q4 2025 Earnings (est.) |
| Q3'25 | $11.0B | TSMC Q3 2025 Earnings (est.) |
| Q2'25 | $10.8B | TSMC Q2 2025 Earnings |
| Q1'25 | $9.5B | TSMC Q1 2025 Earnings |
| Q4'24 | $7.2B | TSMC Q4 2024 Earnings |
| Q3'24 | $7.8B | TSMC Q3 2024 Earnings |
Samsung
| Q4'25 | $9.5B | Samsung Q4 2025 Earnings (est.) |
| Q3'25 | $9.2B | Samsung Q3 2025 Earnings (est.) |
| Q2'25 | $8.8B | Samsung Q2 2025 Earnings (est.) |
| Q1'25 | $8.5B | Samsung Q1 2025 Earnings (est.) |
| Q4'24 | $9.2B | Samsung Q4 2024 Earnings (est.) |
| Q3'24 | $9.0B | Samsung Q3 2024 Earnings |
SK Hynix
| Q4'25 | $4.5B | SK Hynix Q4 2025 Earnings (est.) |
| Q3'25 | $4.2B | SK Hynix Q3 2025 Earnings (est.) |
| Q2'25 | $4.0B | SK Hynix Q2 2025 Earnings (est.) |
| Q1'25 | $3.8B | SK Hynix Q1 2025 Earnings (est.) |
| Q4'24 | $3.5B | SK Hynix Q4 2024 Earnings (est.) |
| Q3'24 | $3.3B | SK Hynix Q3 2024 Earnings |
Naver
| Q4'24 | $0.2B | Naver Q4 2024 Earnings (est.) |
| Q3'24 | $0.2B | Naver Q3 2024 Earnings |
| Q2'24 | $0.2B | Naver Q2 2024 Earnings |
| Q1'24 | $0.2B | Naver Q1 2024 Earnings |
| Q4'23 | $0.2B | Naver Q4 2023 Earnings |
| Q3'23 | $0.2B | Naver Q3 2023 Earnings |
SoftBank
| Q4'24 | $0.6B | FY2025 Annual (est.) |
| Q3'24 | $0.5B | Q3 FY2025 Earnings (est.) |
| Q2'24 | $0.6B | Q2 FY2025 Earnings (est.) |
| Q1'24 | $0.5B | Q1 FY2025 Earnings (est.) |
| Q4'23 | $0.6B | FY2024 Annual (est.) |
| Q3'23 | $0.5B | Q3 FY2024 Earnings (est.) |
NTT
| Q4'24 | $3.5B | NTT FY2025 Annual (est.) |
| Q3'24 | $3.5B | NTT Q3 FY2025 Earnings (est.) |
| Q2'24 | $3.3B | NTT Q2 FY2025 Earnings (est.) |
| Q1'24 | $3.1B | NTT Q1 FY2025 Earnings (est.) |
| Q4'23 | $3.3B | NTT FY2024 Annual (est.) |
| Q3'23 | $3.1B | NTT Q3 FY2024 Earnings (est.) |
Reliance Jio
| Q4'24 | $1.4B | Reliance Q4 FY2025 Earnings (est.) |
| Q3'24 | $1.3B | Reliance Q3 FY2025 Earnings (est.) |
| Q2'24 | $1.2B | Reliance Q2 FY2025 Earnings (est.) |
| Q1'24 | $1.1B | Reliance Q1 FY2025 Earnings (est.) |