The current forecast for 2025 capital expenditures by hyperscalers is between 300 and 400 billion dollars.
Hyperscalers' capital expenditures for 2025 are projected to reach well over $300 billion, with some analyst forecasts exceeding $400 billion, driven primarily by investments in artificial intelligence (AI) infrastructure.
Below are the 2025 capital expenditure (CapEx) projections for the major hyperscalers, based on their earnings guidance and analyst estimates as of Q3 2025. It is important to note that companies have revised their guidance upward throughout the year.
Individual hyperscalers' 2025 CapEx
- Amazon (AWS): The company has been on pace for more than $100 billion in annual CapEx, a figure confirmed during its Q4 2024 earnings call. A large portion of this spending is for AI infrastructure to support Amazon Web Services (AWS).
- Alphabet (Google): Google announced it would spend approximately $85 billion in CapEx for 2025, an increase from its earlier $75 billion estimate. This was primarily to expand infrastructure for its cloud services and AI initiatives.
- Microsoft: Microsoft announced plans to spend over $80 billion on AI-enabled data centers in its fiscal year 2025 (which ended in June 2025). Some analyst estimates have placed their fiscal 2026 forecast even higher.
- Meta (Facebook): The company has raised its 2025 CapEx guidance, with current estimates ranging from $66 billion to $72 billion. Like its competitors, this surge in spending is to build out its AI infrastructure.
Key trends in hyperscaler spending
- AI drives massive investment: The race to build and deploy artificial intelligence capabilities is the most significant factor pushing CapEx to record levels. This includes spending on specialized hardware like GPUs, custom silicon, and liquid-cooled data centers optimized for AI workloads.
- Strong demand for cloud and AI: Despite concerns about macroeconomic headwinds, hyperscalers continue to see robust demand for both general-purpose cloud services and specialized AI compute capacity. Many enterprises are shifting workloads to the cloud to preserve capital, further fueling demand for public cloud infrastructure.
- Upward revisions: Companies like Alphabet and Meta have raised their CapEx guidance multiple times in 2025, signaling an aggressive and dynamic investment landscape. In-house earnings guidance and analyst composite projections place the collective 2025 CapEx for the major hyperscalers between $400 and $450 billion, exceeding initial market expectations.
- Focus on scale and optimization: In addition to building new data center campuses in both established and emerging markets, hyperscalers are also focused on optimizing their compute layers and owning more of their supply chain to improve efficiency and control costs.
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