AI Capital Expenditure
Hyperscalers RPE Ranked
Based on the last-twelve-months revenue, the five hyperscalers generated $787,000 per employee on average. Meta led at $2.76M per employee.
AI Capital Expenditure
Hyperscalers Profit Per Minute
Based on last-twelve-months net profit, the five hyperscalers generated a combined $881,000 per minute. Alphabet led at $305,000 per minute.
AI Capital Expenditure
Hyperscalers CapEx To Cash Flow
Combined, hyperscalers spent 98.88% of operating cash flow on capital expenditure in Q1 2026. It is up 46 percentage points since GPT-4 launched.
AI Capital Expenditure
Hyperscalers CapEx To Revenue
On average, hyperscalers spent 50% of their revenue on capital expenditure in Q1 2026. That is up 36 percentage points from 15% in Q1 2018.
AI Capital Expenditure
Hyperscalers CapEx In The AI Era
Hyperscalers spent $156B on capital expenditure in Q1 2026. Between GPT-4 and GPT-5, expenditure more than tripled from $38B to $118B per quarter.
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%.