Four tech giants spent $358 billion on infrastructure in 2025
Annual capital expenditure of Amazon, Alphabet, Meta and Microsoft, US$ billion, 2018–2025.
Combined 2025 purchases of property and equipment by the four, from company filings.
Jump in one year, from $217.3bn in 2024. The AI data-centre build-out in one number.
2025 spending versus 2018 ($64.1bn). Amazon alone spent $131.8bn.
the numbers
| Year | Four combined (bn) | Amazon (bn) | Alphabet (bn) | Meta (bn) | Microsoft (fiscal year to June) (bn) |
|---|---|---|---|---|---|
| 2018 | 64.1 | 13.4 | 25.1 | 13.9 | 11.6 |
| 2019 | 69.4 | 16.9 | 23.5 | 15.1 | 13.9 |
| 2020 | 93.0 | 40.1 | 22.3 | 15.1 | 15.4 |
| 2021 | 124.9 | 61.1 | 24.6 | 18.6 | 20.6 |
| 2022 | 150.4 | 63.6 | 31.5 | 31.4 | 23.9 |
| 2023 | 140.4 | 52.7 | 32.3 | 27.3 | 28.1 |
| 2024 | 217.3 | 83.0 | 52.5 | 37.3 | 44.5 |
| 2025 | 357.5 | 131.8 | 91.4 | 69.7 | 64.6 |
source notes & method
Cash-flow line 'Purchases of property and equipment' (Microsoft: 'Additions to property and equipment'). Excludes assets acquired under finance leases, so totals are lower than company 'capex incl. finance leases' figures (e.g. Meta states $72.22bn for 2025 vs $69.69bn cash purchases). Amazon is gross, before proceeds and incentives. Microsoft is its fiscal year ending 30 June (FY2025 = Jul 2024–Jun 2025); others are calendar years. 2025 and 2024 values from Q4 2025 earnings releases and Microsoft's FY2025 10-K; 2018–2023 from 10-K XBRL data as compiled by finboard.net/finboard.jp and portfoliosavvy.com. Combined series is the simple sum. Capex covers all property, not only AI.
Published 23 Sep 2026
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