AI Hyperscalers Project Up to $828 Billion Spending in 2026

Amazon, Alphabet, Meta, Microsoft, and SpaceX are expected to spend as much as $828 billion in capital expenditures in 2026 as they build out AI infrastructure, according to their latest earnings guidance. The five companies have projected total capital spending between $803 billion and $828 billion for the year. Although the figures include broader infrastructure investment, executives at each company have identified AI-related capacity as the primary driver of the increase. The group spent about $556.2 billion through the first three quarters of 2026. In the third quarter alone, total spending reached about $227 billion, up roughly 20 percent from $188.5 billion in the previous quarter. Amazon reported the largest quarterly outlay, with $75.9 billion in cash capital expenditures. Chief Financial Officer Brian Olsavsky said the spending was primarily tied to Amazon Web Services and AI. The fourth-quarter forecast implies spending of $247 billion to $272 billion across the five companies. Amazon remains the only company whose expected fourth-quarter capex would decline from its third-quarter level, but Chief Executive Andy Jassy said the company expects to spend meaningfully more in 2027. Microsoft projects calendar-year capital expenditures of about $170 billion, lower than a prior forecast because of delays in third-party data-center capacity. Amazon has maintained its full-year expectation of about $220 billion in cash capex. SpaceX is the smallest spender so far, with $48.1 billion, but Chief Financial Officer Bret Johnsen said spending is expected to increase in the next quarter. Company executives have signaled that the build-out will continue beyond 2026. Alphabet Chief Financial Officer Anat Ashkenazi said the company continues to expect capital spending to rise significantly in 2027, while Meta Chief Financial Officer Susan Li said Meta is still developing next year’s budget and capacity plans but expects to continue investing aggressively to support its core business and emerging AI initiatives. The guidance underscores the scale of investment underpinning the AI economy and suggests that competition for advanced data-center infrastructure is unlikely to ease in the near term.