Here’s a number worth sitting with: the five biggest tech companies on the planet are on track to spend somewhere between $600 billion and $725 billion on AI infrastructure in 2026 alone. That’s roughly a 77% jump from what they spent in 2025.
The numbers behind the AI arms race
The individual spending commitments are staggering even by Big Tech standards. Amazon leads the pack with roughly $200 billion earmarked for AI-related capital expenditures in 2026. Alphabet is targeting between $175 billion and $190 billion. Microsoft’s range sits at approximately $120 billion to $190 billion, while Meta has guided between $115 billion and $145 billion. Oracle rounds things out at around $50 billion.
Goldman Sachs has attempted to put the longer-term trajectory into perspective, projecting that cumulative hyperscaler capital expenditures could land between $5.3 trillion and $7.6 trillion from 2025 through 2030.
Q1 2026 capital expenditures for these firms reached a record $130 billion-plus combined.
