AI Capital Expenditure

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Overview

Since ChatGPT launched in 2022, hyperscaler capital expenditure as a share of US GDP has more than doubled. At 1.46%, it eclipses the Apollo Program.
Capital expenditure by Alphabet, Amazon, Meta, Microsoft, and Oracle (hyperscalers) as a share of US defense spending has risen from 13% to 30%.
Combined, hyperscalers spent 77.75% of operating cash flow on capital expenditure in Q4 2025. It is up 24 percentage points since GPT-4 launched.

On average, hyperscalers spent 41% of their revenue on capital expenditure in Q4 2025. That is up 26 percentage points from 15% in Q1 2018.
Hyperscalers spent $141B on capital expenditure in Q4 2025. Between GPT-4 and GPT-5, expenditure more than tripled from $38B to $118B per quarter.

Explore the latest insights on AI Capital Expenditure. These insights were updated between 30 Mar, 2026 and 3 Apr, 2026.

3 Apr, 2026

Since ChatGPT launched in 2022, hyperscaler capital expenditure as a share of US GDP has more than doubled. At 1.46%, it eclipses the Apollo Program.

2 Apr, 2026

Capital expenditure by Alphabet, Amazon, Meta, Microsoft, and Oracle (hyperscalers) as a share of US defense spending has risen from 13% to 30%.

1 Apr, 2026

Combined, hyperscalers spent 77.75% of operating cash flow on capital expenditure in Q4 2025. It is up 24 percentage points since GPT-4 launched.

31 Mar, 2026

On average, hyperscalers spent 41% of their revenue on capital expenditure in Q4 2025. That is up 26 percentage points from 15% in Q1 2018.

30 Mar, 2026

Hyperscalers spent $141B on capital expenditure in Q4 2025. Between GPT-4 and GPT-5, expenditure more than tripled from $38B to $118B per quarter.

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