AI Capital Expenditure
Hyperscalers Outspend Apollo
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.
AI Capital Expenditure
Hyperscalers Vs US Defense
Capital expenditure by Alphabet, Amazon, Meta, Microsoft, and Oracle (hyperscalers) as a share of US defense spending has risen from 13% to 30%.
AI Capital Expenditure
Hyperscalers Go All In On AI
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.
AI Capital Expenditure
The Price Hyperscalers Pay For AI
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.
AI Capital Expenditure
Hyperscalers Bet Billions On AI
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.