Compute / Capex · Q2 2026
Who paid to build AI in Q2 2026.
Cash each hyperscaler paid for property and equipment in Q2 2026, from its own filing, beside the quarter before and the full-year guide it gave. Where a filing says capex leaves something out, the room says so too.
The capex roomFiled figures, never forecasts
- Paid
- $120.1B across 3 payers in Q2 2026, gross purchases of property and equipment.
- Biggest
- Amazon, $54.2B. $54.2B is 25% of the full-year guide; an even year would be $55.0B a quarter.
- Not yet in
- alphabet: no Q2 2026 row yet.
Paid in Q2 2026
$120.1B
3 payers, gross purchases of property and equipment
Hover or tap
A payer reads its quarter
Tap a copper column to hold it here.
- Amazon: $54.2B in Q2 2026. $54.2B is 25% of the full-year guide; an even year would be $55.0B a quarter.
- Microsoft: $35.8B in Q2 2026. $41.4B is 24% of the full-year guide; an even year would be $43.8B a quarter.
- Meta: $30.1B in Q2 2026. $31.1B is 23% of the full-year guide; an even year would be $34.4B a quarter.
Payer by payer
Amazon AMZN · Q2 2026
$54.2B- Q1 2026
- Not in the dataset
- Guide
- about $220B of cash capex for 2026, up from about $200B, raised (31 Jul 2026)
- Pace
- $54.2B is 25% of the full-year guide; an even year would be $55.0B a quarter.
- Capex here is gross. Amazon’s own figures net off proceeds from sales and incentives, so they run a little lower.
“We now believe we will spend approximately $220 billion in cash CapEx in 2026.”
Amazon 10-Q, filed 31 Jul 2026 →31 Jul 2026
Microsoft MSFT · FY26 Q4
$35.8B- Q1 2026
- Not in the dataset
- Guide
- about $175B for calendar 2026, counting finance leases, held (29 Jul 2026)
- Pace
- $41.4B is 24% of the full-year guide; an even year would be $43.8B a quarter.
- The guide counts finance leases; this column is cash paid for property and equipment only.
- From fiscal 2027 Microsoft books more datacentre leases as operating leases, which sit outside capex: a lower capex number is not, on its own, less building.
“Roughly two thirds of our capex was for short-lived assets, primarily CPUs and GPUs as customers increasingly build solutions that leverage both AI and non-AI infrastructure.”
Microsoft FY26 Q4 call transcript (10-K filed 29 Jul 2026) →29 Jul 2026
Meta META · Q2 2026
$30.1B- Q1 2026
- Not in the dataset
- Guide
- $130–145B for 2026 including finance-lease principal, midpoint shown, narrowed (30 Jul 2026)
- Pace
- $31.1B is 23% of the full-year guide; an even year would be $34.4B a quarter.
- Meta’s guide counts finance-lease principal, so its pace compares capex plus lease principal.
“We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion.”
Meta Q2 2026 results release →30 Jul 2026
How the room is kept
- Capex is cash paid for property and equipment in the quarter, as each company’s cash-flow statement prints it. Quarters are calendar quarters.
- None of the four says how much of its capex is AI. The room shows all of it and never estimates a split.
- A guide is the company’s own full-year figure, a range’s midpoint where it gives a range. Where a quarter’s documents give none, the newest earlier guide is used and the room says which.
- Pace is the quarter’s spend on the guide’s own basis against the full-year guide. An even year is a quarter of it each quarter.
- Leases signed but not started are commitments, not capex, and are never added to it.
- Nothing on this page is a trade idea.