Top five US cloud providers to spend up to $690B on capex in 2026

Microsoft, Alphabet, Amazon, Meta and Oracle have committed to $660–690 billion in capex for 2026, nearly double last year's total. Amazon leads with $200 billion, followed by Alphabet at $175–185 billion, Microsoft at $120 billion or more, Meta at $115–135 billion and Oracle at roughly $50 billion. Most spending goes to chips, data centers and power.

• Combined 2026 capex of the five companies: $660–690B vs $388B in 2025
• Amazon plans $200B, Alphabet $175–185B, Microsoft $120B or more
• Microsoft already spent $37.5B in one quarter and holds an $80B Azure backlog
• About two-thirds goes to compute, one-third to facilities, cooling and power