Key Highlights

  • Amazon guides 2026 capex at about $220 billion, the highest of the four, after $54.2 billion of property and equipment purchases in the second quarter.
  • Alphabet guides $195 billion to $205 billion, raised by about $15 billion in July.
  • Microsoft's outlook is about $175 billion, restated from $190 billion after an accounting change, with $41 billion spent in its June quarter.
  • Meta guides $135 billion to $145 billion, with $34.91 billion spent in the third quarter, up 80%.
  • Cloud growth ranges from 37% at AWS to 82% at Google Cloud, while free cash flow ranges from positive $19.6 billion at Microsoft to negative $5.9 billion at Alphabet.

AI Capex by Company: How Do the Four 2026 Budgets Compare?

Amazon (NASDAQ:AMZN) leads at about $220 billion for 2026, followed by Alphabet (NASDAQ:GOOGL) at $195 billion to $205 billion, Microsoft (NASDAQ:MSFT) at about $175 billion and Meta Platforms (NASDAQ:META) at $135 billion to $145 billion. Using midpoints, the four add to roughly $735 billion, a calculated figure.

Microsoft's number is not directly comparable with the others. It fell from about $190 billion because of an accounting change that extends the useful life of data centers and office buildings, and management said underlying plans were unchanged.

The combined total has also drifted upward. An April industry tally put the four at about $725 billion, 77% above the $410 billion spent in 2025, and the later increases at Amazon and Alphabet more than offset Meta's narrower range and Microsoft's restatement.

Latest Quarter: Who Spent the Most and How Fast Is It Growing?

Amazon spent $54.2 billion on property and equipment in the second quarter, against $32.2 billion a year earlier, the largest single-quarter figure of the group. Microsoft spent $41 billion in its June quarter, up 70%, and expects more than $50 billion in its current quarter.

Meta spent $34.91 billion in the third quarter, up 80%, and its guidance implies a fourth quarter of roughly $49 billion to $59 billion, a calculated figure. Alphabet's range moved up by about $15 billion in July, to $195 billion to $205 billion.

Cloud Growth and Free Cash Flow: What Is the Spending Buying?

Cloud growth was 82% at Google Cloud, which reached $24.8 billion, 43% at Azure, which passed $100 billion of annual revenue, and 37% at AWS, which reached $42.2 billion. Meta does not run a comparable cloud business, and its revenue rose 26% to $64.60 billion in the third quarter, with an advertising line of $63.06 billion.

Cash flow is where the budgets differ most. Microsoft generated $19.6 billion of free cash flow in its June quarter, Meta reported negative $2.12 billion in the third quarter, Alphabet negative $5.9 billion in the second quarter, and Amazon a trailing twelve-month outflow of $7.6 billion.

Reports Ahead: Which Numbers Could Change This Table?

Microsoft and Alphabet report after the close on Wednesday, October 28, and Amazon on Thursday, October 29. Each could change its capex range, and Meta's next update is due with its fourth-quarter report.

Investors will check whether Alphabet's range rises again, whether Amazon holds about $220 billion, and how Microsoft's first-quarter spending compares with its guide of more than $50 billion.