Combined capital spending at five US hyperscalers reached $448.3 billion in 2025, up from $162.3 billion in 2022, according to a Visual Capitalist analysis of data from Epoch AI. The near tripling covers Alphabet, Amazon, Meta, Microsoft, and Oracle across four years of quarterly filings.

The pace concentrated in the back half of that window. Epoch AI estimates combined capital expenditure at the five companies grew at an average annual rate of 72 percent from the second quarter of 2023 onward, the point where spending shifted from gradual increases into a steep climb. By the fourth quarter of 2025, the group was committing $140.6 billion in a single three month period.

Growth was uneven across the five. Measured from the first quarter of 2022 to the fourth quarter of 2025, Microsoft added roughly $30 billion in quarterly capital spending, Amazon added about $25 billion, and Alphabet added close to $19 billion.

The methodology matters for anyone reading the totals. Epoch AI builds its measure from structured SEC filings instead of company-reported capex figures, pulling cash spending on property, plant, and equipment together with new finance leases. That approach keeps comparisons consistent across firms that define capital expenditure differently on earnings calls.

Two limits apply. Epoch AI notes that some of the spending falls outside artificial intelligence, and excluded operating leases may understate total investment in productive capacity. The chart tracks data centers, chips, and cloud infrastructure as a present operating cost for the largest technology companies.

Source: Visual Capitalist - https://www.visualcapitalist.com/visualized-big-tech-ai-spending/