Amazon, Google, Meta, and Microsoft collectively spent $170 billion on data centers in a single quarter, up 72% year-over-year. Amazon led the charge in Q2 2026 with $53 billion in capex, a 69% jump year-over-year, and raised its full-year guidance to approximately $220 billion. Meta revised its 2026 capex target upward to $130 billion following a 55% year-on-year increase in infrastructure costs. Wall Street estimates put the combined spending of the four companies at roughly $1.5 trillion by the end of 2027, representing an annual run rate of approximately $680 billion.
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