Five major tech firms, Amazon, Alphabet, Meta, Microsoft, and SpaceX, are projected to allocate $803 billion to $828 billion in capital expenditures for 2026. While these investments span multiple areas, company leaders emphasize AI infrastructure as the primary force behind the increased outlays.
According to the report, total spending for the third quarter of the calendar year was about $227 billion, which is a 20% increase from the previous quarter. Amazon was the biggest spender, reporting $75.9 billion in cash capex, primarily related to AWS and AI.
The five hyperscalers have spent a total of $556.2 billion so far in 2026. Elon Musk’s SpaceX remains the smallest spender in the group with a capex of $48.1 billion, but its CFO, Bret Johnsen, has indicated that it expects to ramp up spending by the next quarter.
Next quarter’s implied capex forecast ranges between $247 billion and $272 billion. Based on the implied fourth-quarter calculations, Amazon is the only company whose spending would decline from its third-quarter level. However, CEO Andy Jassy said that Amazon expects to spend “meaningfully more in 2027.”
Microsoft expects calendar-year capex of about $170 billion, down from its prior outlook due to delays in third-party data-center capacity. Amazon maintained its forecast for about $220 billion in cash capex this year. The companies haven’t shared concrete numbers for 2027 capex, but all signs point upward.
As the companies continue to invest in AI infrastructure, they are likely to drive growth in the sector. With their significant spending plans, they are poised to shape the future of the AI economy. Anat Ashkenazi, Alphabet CFO, said, “We continue to expect our CapEx to increase significantly in 2027.”
The spending surge is expected to continue, with Susan Li, Meta CFO, saying, “but we expect to continue investing aggressively to support both our core business and emerging AI initiatives.” The companies’ investments in AI infrastructure will likely have a significant impact on the industry.
Amazon, Alphabet, Meta, Microsoft, and SpaceX are driving the growth of the AI sector with their investments. They are spending heavily on AI infrastructure, which will likely have a major impact on the industry. The companies’ spending plans are significant, and they are expected to continue investing in AI infrastructure in the coming years.
