Capex trend · SEC filings · updated July 14, 2026
Alphabet reports the largest company-wide capital expenditure.
As of July 14, 2026, Alphabet reports the largest verified annual capital expenditure among the five public parents, $91.4B for fiscal 2025, from its SEC 10-K filing. This is company-wide capex, not AI-only spending.
Source: SEC EDGAR companyfacts, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Five public parents. Current through July 14, 2026.
Read this first
Company-wide public-parent capex is not AI-only spending. Every value below is the entire public parent's capital spending across all segments, drawn from SEC filings. It is not a measure of AI, datacenter, or model spending, and it does not rank model quality.
Capital race
Compute Arms Race: annual capital expenditure by company
Alphabet holds the largest verified annual capex at $91.4B for fiscal 2025.
Method: Each line is company-wide public-parent capital expenditure read from the exact us-gaap:PaymentsToAcquirePropertyPlantAndEquipment taxonomy in SEC 10-K annual filings. The quarterly section uses discrete filed quarters only; Q4 is omitted because filers report it inside the annual 10-K, so no fourth quarter is derived. Restated periods are labeled in the filing evidence. Some parents stopped reporting under this exact taxonomy in later years. Amazon and NVIDIA end where each filer's capex XBRL tag migrated. Unknown stays unknown, and capex is never blended with research and development in one series.
Limitation: Company-wide public-parent capex is not AI-only spending.
| Company | Latest fiscal year | Latest annual capex | First tracked filing |
|---|---|---|---|
| Alphabet | 2025 | $91.4B | December 31, 2013 |
| Meta Platforms | 2025 | $69.7B | December 31, 2010 |
| Microsoft | 2025 | $64.6B | June 30, 2008 |
| Amazon | 2016 | $6.7B | December 31, 2007 |
| NVIDIA | 2012 | $139M | January 31, 2010 |
Latest annual values
The most recent verified annual capex.
| Company | Research organization | Fiscal year | Annual capex | Form | Filed | Filing |
|---|---|---|---|---|---|---|
| Alphabet | Google DeepMind | 2025 | $91.4B | 10-K | 2026-02-05 | SEC filing ↗ |
| Meta Platforms | Meta AI | 2025 | $69.7B | 10-K | 2026-01-29 | SEC filing ↗ |
| Microsoft | Microsoft Research | 2025 | $64.6B | 10-K | 2025-07-30 | SEC filing ↗ |
| Amazon | Amazon AI | 2016 | $6.7B | 10-K | 2017-02-10 | SEC filing ↗ |
| NVIDIA | NVIDIA Research | 2012 | $139M | 10-K | 2012-03-13 | SEC filing ↗ |
Quarterly capex · partial_coverage
Discrete filed quarters.
Quarterly figures use discrete filed quarters only. Fourth quarters are omitted because filers report them inside the annual 10-K, so these do not sum to the annual total.
| Company | Latest quarter | Quarterly capex | Form | Filed | Filing |
|---|---|---|---|---|---|
| Alphabet | Q1 2026 | $35.7B | 10-Q | 2026-04-30 | SEC filing ↗ |
| Meta Platforms | Q1 2026 | $19B | 10-Q | 2026-04-30 | SEC filing ↗ |
| Microsoft | Q3 2026 | $30.9B | 10-Q | 2026-04-29 | SEC filing ↗ |
| Amazon | Q1 2017 | $1.9B | 10-Q | 2017-04-28 | SEC filing ↗ |
| NVIDIA | Q1 2020 | $155M | 10-Q | 2020-05-21 | SEC filing ↗ |
Definitions
What these terms mean.
- Capital expenditure (capex)
- Money a company spends to acquire or upgrade physical assets such as buildings, servers, and equipment. Here it is the exact us-gaap:PaymentsToAcquirePropertyPlantAndEquipment value from SEC filings.
- Company-wide
- The figure covers the entire public parent, every segment and business line. It is not isolated to AI, datacenters, or any single model program.
- Fiscal year
- Each company's own annual reporting period. Fiscal years do not all end on December 31, so periods are shown by their end date.
- Partial coverage
- The quarterly series reports only discrete filed quarters. Fourth quarters are omitted because filers disclose them inside the annual 10-K, so quarterly totals do not sum to the annual figure.
- Restatement
- A value a company later revised in a subsequent filing. Restated periods are labeled in each company's filing evidence rather than silently overwritten.
Follow the evidence
Every figure links to an exact filing on the company evidence profiles:Alphabet, Meta Platforms, Microsoft, Amazon, and NVIDIA. Read how sources are selected and see the company race overview.
Capex questions
Is this AI spending?
No. These figures are company-wide capital expenditure from SEC filings under the us-gaap:PaymentsToAcquirePropertyPlantAndEquipment taxonomy. They cover all property, plant, and equipment for the public parent, not AI or datacenter spending alone. Company-wide public-parent capex is not AI-only spending.
Which company reports the largest verified annual capex?
Alphabet, at $91.4B for fiscal 2025, according to its SEC 10-K filing. Every other figure on this page is drawn from the same taxonomy and filing type.
Why do some company lines stop before the most recent year?
A line ends when the company stops reporting under this exact taxonomy. Some parents moved capital spending to a different SEC concept in later filings, so we do not extend the line with a non-comparable value. We never substitute a different concept to fill the gap.
Why is capex kept separate from research and development?
Capex and R&D are different SEC concepts with different meanings. Blending them would invent a number that no filing reports. Each stays in its own series, and this page shows capex only.
Why is the quarterly section labeled partial coverage?
It uses discrete filed quarters only. Fourth quarters are omitted because companies report them inside the annual 10-K, so the quarters shown do not add up to the annual total and are provided for shape, not summation.