How we build this dataset
AI Financials tracks capital expenditure and infrastructure spend across 30 companies — a mix of public companies with audited disclosures and private companies where data must be estimated. This page explains exactly how we source each type of data, how we handle uncertainty, and what our update cadence is.
PublicPublic company CAPEX
For all public companies (Amazon, Microsoft, Google, Meta, Nvidia, Apple, Tesla, TSMC, Samsung, SK Hynix, ASML, ARM, Baidu, Alibaba, Tencent, SoftBank, NTT, Naver, Reliance Jio), CAPEX figures are sourced directly from regulatory filings.
- →US companies — SEC 10-K (annual) and 10-Q (quarterly) filings. Line item: “Purchases of property and equipment” in the cash flow statement.
- →Taiwan (TSMC) — 20-F annual report filed with the SEC, plus quarterly earnings releases. Figures converted from TWD at prevailing exchange rates.
- →Korea (Samsung, SK Hynix, Naver) — Korea Exchange (KRX) filings and quarterly earnings reports in KRW, converted to USD.
- →Japan (SoftBank, NTT) — Tokyo Stock Exchange filings in JPY, converted to USD at quarterly average rates.
- →China (Baidu, Alibaba, Tencent) — SEC 20-F filings and Hong Kong Exchange reports. RMB figures converted at prevailing rates.
- →India (Reliance Jio) — BSE/NSE quarterly results in INR, converted to USD.
- →Netherlands (ASML), UK (ARM) — SEC 20-F filings. EUR and USD respectively.
Each data point links to its source filing. Quarterly figures are updated within 48 hours of the filing date. Annual figures are reconciled against 10-K/20-F when available.
ESTPrivate company estimates
Private companies — OpenAI, Anthropic, xAI, ByteDance, Huawei, DeepSeek, Mistral, Aleph Alpha, G42, Humain — do not file public financial statements. All figures for these companies are estimates, clearly labeled EST throughout the site.
- 1.Management statements, interviews, and conference remarks (most authoritative)
- 2.Funding round announcements with disclosed use-of-proceeds details
- 3.Investor letters and limited partner reports (when leaked or disclosed)
- 4.Credible press reporting (The Information, Bloomberg, FT, Reuters)
- 5.Cross-checks against known GPU procurement deals and data center permits
Estimates are conservative where there is genuine uncertainty. We do not extrapolate aggressively. When a range is more honest than a single figure, we show a range. Figures are revisited whenever new credible information becomes available.
Guidance & forward-looking figures
CAPEX guidance is sourced from earnings calls, analyst days, and official press releases. Each guidance entry includes the exact quote, speaker, and announcement date.
Guidance status is tracked as:
FY2026 guidance that has not yet been officially stated by a company is marked Estimated in the source column. Confirmed guidance includes a direct management quote.
Currency conversion
All figures are presented in USD billions. Non-USD figures are converted at the prevailing exchange rate for the relevant reporting period (quarterly average for income statement items, period-end rate for balance sheet items).
| Currency | Companies | Source |
|---|---|---|
| TWD → USD | TSMC | Quarterly average rate |
| KRW → USD | Samsung, SK Hynix, Naver | Quarterly average rate |
| JPY → USD | SoftBank, NTT | Quarterly average rate |
| CNY → USD | Baidu, Alibaba, Tencent | Quarterly average rate |
| HKD → USD | Tencent (HKEX) | Period-end rate |
| INR → USD | Reliance Jio | Quarterly average rate |
| EUR → USD | ASML | Period-end rate |
Live stock prices and market caps are converted from local currency in real time using exchange rates fetched from Yahoo Finance every 15 minutes.
Update cadence
What we don't claim
This is not a financial data terminal. We do not have Bloomberg's resources, FactSet's methodology teams, or institutional-grade data licensing agreements. We are a lean, independently maintained dataset built for the AI infrastructure tracking niche.
We do not guarantee real-time accuracy, completeness, or fitness for any particular investment purpose. Public company figures are as accurate as the underlying filings. Private company estimates carry significant uncertainty and should be treated as directionally indicative, not precise.
If you spot an error or have a better source, contact us. We update quickly when corrections are warranted.