How much Microsoft, Amazon, Alphabet, Meta and Oracle spend on data centers, servers and other equipment, and what share of their operating cash flow that spending uses. The larger that share, the more likely they are to raise debt in case expenses continue to grow. Enable projections to see how off balance sheet commitments (a significant portion of which is forecasted to have been paid off by 2030) compare to today's capex per quarter.
- Microsoft
- Amazon
- Alphabet
- Meta
- Oracle
- Capex as a share of operating cash flow (weighted average)
- Projected capex required if each company's off balance sheet commitments at Q2 '26 are spent evenly until Q4 '30. This scenario treats all commitments as future capex, with no additional baseline spending.