Hyperscaler filings and obligations ledger

As of: 2026-08-26. Tracker: #9302. This ledger records the latest disclosed capital, asset-mix, finance, backlog, and capacity facts without pretending that the four companies use identical accounting boundaries.

Latest disclosed 2026 position

Company Period/source Capital and asset mix Demand/obligation signal Boundary and implication
Alphabet Q2 2026 earnings call, 2026-07-22 Q2 capex $44.9B; technical infrastructure roughly 60% servers / 40% datacenters and networking; 2026 guidance raised to $195–205B Google Cloud backlog $514B, up >$50B sequentially; just over half expected as revenue within 24 months; third-party capacity used as a bridge while internal capacity is built Alphabet capex includes non-AI and non-cloud assets, though it says the vast majority supports AI technical infrastructure. Server/data-center mix is spend, not installed useful capacity.
Microsoft FY2026 Q4 earnings call, 2026-07-29 Quarterly capex $41B; roughly two-thirds short-lived CPUs/GPUs, remainder long-lived; $5.6B finance leases for large datacenter sites; cash PP&E $35.8B Commercial RPO $678B, weighted duration 2.3 years; Azure demand still exceeded available capacity; incoming supply is shared among Azure, first-party apps, R&D, and replacement Microsoft total capex includes AI and non-AI infrastructure. Finance-lease commencement creates quarter volatility; the full lease value and cash paid differ.
Amazon Q2 2026 release plus reported earnings-call guidance, 2026-07-30 2026 capex plan reported at about $220B, up from Amazon’s official Q4 2025 expectation of about $200B; trailing capex/free-cash-flow pressure is material AWS Q2 revenue $42.2B, up 37%, $169B annualized; management says substantial future AWS capex is already supported by customer commitments Amazon does not isolate AWS/AI cash capex in the release. The $220B update is earnings-call reporting and should remain distinguished from the earlier official $200B release until a primary transcript/filing is indexed.
Meta Q2 2026 release, 2026-07-29 Q2 capex including finance-lease principal $31.08B; 2026 guidance $130–145B Q2 operating cash flow $31.86B and free cash flow $0.784B after the investment surge Meta’s capex definition explicitly includes principal payments on finance leases and supports AI plus core business; it is not directly comparable to cash PP&E at Microsoft or Alphabet’s technical-infrastructure mix.

The midpoint of these disclosed/planned 2026 totals is roughly $747.5B (Alphabet $200B, Microsoft $190B calendar-year expectation, Amazon $220B, Meta $137.5B), but this is an orientation number, not a clean AI-capex sum. It mixes guidance and reported call updates, fiscal/calendar conventions, leases and cash purchases, AI and non-AI assets, and different consolidation boundaries.

Accounting dimensions to normalize

Dimension Why it changes the number
Cash PP&E vs capex Goods can be received before payment; cash flow and property additions diverge.
Finance leases Full asset value can enter capex at commencement while cash principal is paid later.
Operating leases / take-or-pay Large capacity obligations can sit outside a simple capex number.
Short-lived vs long-lived assets Accelerators/CPUs cycle much faster than land, buildings, power, and network.
Customer-supplied/prepaid hardware A provider can operate capacity whose hardware economics sit with a partner/customer.
Inventory/system sales Selling TPU or other systems turns part of infrastructure build into inventory and customer-site capacity.
AI vs non-AI Cloud, search, ads, retail, satellites, core apps, replacement cycles, and offices can share the total.
Announced vs recognized Planned annual capex, quarterly additions, cash paid, depreciation, and accepted capacity are separate states.
Backlog/RPO Contracted revenue indicates demand but differs in duration, cancellation, service mix, and compute intensity.
Customer concentration A large frontier-lab contract can dominate bookings without representing broad user demand.

What the latest disclosures imply

  1. Supply remains binding despite record spend. Alphabet and Microsoft explicitly describe capacity constraints or bridging with third-party capacity; Amazon’s reported increase also accompanies demand beyond near-term supply.
  2. Hardware and facilities are both large. Alphabet’s 60/40 technical mix and Microsoft’s two-thirds/one-third short/long-lived split reject a “chips are the whole cost” model.
  3. Leases make headline comparisons dangerous. Microsoft identifies quarterly finance-lease volatility; Meta includes finance-lease principal in its capex guidance.
  4. Future demand is contracted over years. Backlog/RPO and customer commitments help fund buildout but create counterparty, duration, pricing, and delivery risk.
  5. Useful capacity trails capital commitment. Capex must pass through component delivery, construction, power, commissioning, software, health, scheduling, and workload acceptance.
  6. The denominator is moving. Component and memory-price changes can raise spend without a proportional increase in delivered compute.

Required quarterly refresh fields

For each hyperscaler/cloud, capture:

Current gaps

Additional issuer and contract-financing rows

Issuer / period Reported evidence Accounting and delivery boundary Capacity inference allowed
CoreWeave Q1 2026 $2.078B quarterly revenue; $99.4B revenue backlog; >1 GW active power; >3.5 GW contracted power; $8.5B non-recourse delayed-draw financing. CoreWeave defines backlog as RPO plus other estimated future revenue under committed contracts, subject to delivery and service availability. Backlog is broader than GAAP RPO; recognition still depends on delivering available service. None from backlog alone. Join contracts to financed, active-power, installed, accepted, and healthy capacity.
Oracle FY2026 $638B RPO; $75B of prepaid or customer-supplied hardware portions in large AI contracts; $18.1B FY cloud-infrastructure revenue; negative $23.7B FCF; $43B debt and $5B equity financing in FY2026. Customer prepayment and customer-owned GPUs reduce Oracle-funded capex but do not erase delivery obligations. RPO is future contract value, not hardware. Treat customer-owned hardware, prepaid purchases, Oracle-owned PP&E, and useful serving capacity as separate states.
Alibaba quarter ended June 2026 Nearly $10B quarterly capex, +75% YoY; $1.8B AI-related product revenue; $69.9B cash/liquid investments. Aggregate AI-related capex spans stack layers and does not identify accelerator, datacenter, network, or other asset shares. Market-spend signal only until physical units and asset split are disclosed.
Nebius / Microsoft contract, September 2025 Multi-year dedicated capacity from Vineland; associated capex expected to be funded by contract cash flow and contract-secured debt. Contract value, MW, accelerator count, financing amount, and recognition schedule are undisclosed; dedicated capacity creates concentration risk. Track contract-backed financing and customer concentration, not capacity from the announcement.
Baidu Q2 2026 RMB7.3B AI Cloud Infra revenue, +50% YoY; GPU Cloud revenue +283% YoY; RMB12.5B core AI-powered business revenue. AI-powered business fields are unaudited internal management data; GPU Cloud absolute revenue and capex/accelerator mix are absent. Demand signal only; no installed-capacity or goodput conversion.

Cross-issuer financing patterns