The largest U.S. cloud and AI providers plan to spend around $725 billion on infrastructure in 2026, roughly a 64 percent increase over the prior year, according to figures compiled from Q1 2026 earnings. The buildout is pushing the global data center infrastructure market past $1 trillion for the year, based on Dell'Oro Group research.

Individual commitments are large. Amazon has projected about $200 billion in capital expenditure for 2026, up from $125 billion, while Google guided to $175 billion to $185 billion. Meta expects $115 billion to $135 billion, and Microsoft guided to $110 billion to $120 billion, up from $90 billion the year before.

The spending is heavily concentrated in artificial intelligence. Roughly 75 percent of the total, about $545 billion, is directed at AI-specific infrastructure, including graphics processors, servers, data center construction, power systems, and cooling. The figures mark a sharp acceleration from 2025 levels as the companies race to add capacity.

The scale of the commitments helps explain the construction boom in markets like Atlanta, where developers are racing to deliver facilities that are leased before they open. Analysts note that the concentration of capital among a handful of buyers gives those companies significant influence over supply chains for chips, power equipment, and construction labor.

Source: Dell'Oro Group -- https://www.delloro.com/market-research/data-center-infrastructure/data-center-capex/