Alibaba Group Holding Ltd.
BABApublicE-Commerce & Cloud
China's largest e-commerce and cloud company. Alibaba Cloud (Aliyun) is the leading Chinese cloud provider and top-4 globally. Announced massive AI cloud investment exceeding the prior 10 years combined. Qwen LLM family.
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2024 CAPEX
$12.2B
YoY 2024 vs 2023
+48.8%
Latest Quarter
$3.3B
Q4'24
FY2025-2027 (3yr AI Cloud) Guidance
$53.0B
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'24 | $3.3B | $37.1B | 8.9% | FY2025 Q4 Earnings (est.) |
| Q3'24 | $2.9B | $32.0B | 9.1% | FY2025 Q3 Earnings (est.) |
| Q2'24 | $3.2B | $33.5B | 9.6% | FY2025 Q2 Earnings (est.) |
| Q1'24 | $2.8B | $32.6B | 8.6% | FY2025 Q1 Earnings (est.) |
| Q4'23 | $2.2B | $36.7B | 6.0% | FY2024 Q4 Earnings (est.) |
| Q3'23 | $1.9B | $31.8B | 6.0% | FY2024 Q3 Earnings (est.) |
| Q2'23 | $2.1B | $33.9B | 6.2% | FY2024 Q2 Earnings (est.) |
| Q1'23 | $2.0B | $32.1B | 6.2% | FY2024 Q1 Earnings (est.) |
Q1'23 — Alibaba FY ends March 31. Calendar Q1'23 ≈ Alibaba Q4 FY2023. Converted from RMB.
Q2'23 — Converted from RMB at 7.2 RMB/USD
Q3'23 — Converted from RMB at 7.2 RMB/USD
Q4'23 — Full calendar 2023: ~$8.2B
Q1'24 — AI Cloud investment ramping. Converted from RMB.
Q2'24 — Converted from RMB at 7.2 RMB/USD
Q3'24 — Converted from RMB at 7.2 RMB/USD
Q4'24 — Full calendar 2024: ~$12.2B — significant AI Cloud ramp
Guidance Tracker
FY2025-2027 (3yr AI Cloud)
On Track
“Over the next three years, Alibaba Cloud will invest more in AI infrastructure than it has in the past decade.”
Guided: $53.0B
Key Quotes
Eddie Wu·CEO·2024-05-14
“AI is the core driving force for Alibaba Cloud. We will invest more in AI infrastructure in the next three years than in the past decade.”
FY2024 Earnings Call
Compute Clusters
Qwen training cluster
Nvidia H800 + Ascend 910B
operational
SEC Filings
chinaAIQwencloude-commerceAliyun