Where the capacity is built: data center campuses, spending on AI infrastructure, cloud and GPU capacity.
8 facts published from 3 filers, latest Nov 3, 2026
Compute is where AI capacity is built: data center campuses, the servers and accelerators inside them, and the cloud capacity sold from them. It is measured in money spent and power drawn.
Microsoft, Alphabet, Amazon and Meta together spent $201.9 billion on property and equipment in July to September 2026, up from $118.6 billion in October to December 20251234. Amazon expects about $220 billion of cash capital spending in 20261. US construction spending on data centers reached a seasonally adjusted annual rate of $96.5 billion in September 2026, a preliminary figure, up from $50.7 billion a year earlier5.
| Quarter | Microsoft | Alphabet | Amazon | Meta | Combined |
|---|---|---|---|---|---|
| Oct to Dec 2025 | $29,876 mn | $27,851 mn | $39,522 mn | $21,383 mn | $118,632 mn |
| Jan to Mar 2026 | $30,876 mn | $35,674 mn | $44,203 mn | $18,997 mn | $129,750 mn |
| Apr to Jun 2026 | $35,802 mn | $44,924 mn | $54,208 mn | $30,116 mn | $165,050 mn |
| Jul to Sep 2026 | $39,367 mn | $51,355 mn | $77,259 mn | $33,942 mn | $201,923 mn |
Decision. A company sets its capital budget, or leases capacity from a developer instead. Meta narrowed its 2026 capital spending outlook to $135 billion to $145 billion4.
Site. Land is bought or optioned, often through a project-specific company, and screened for power, fiber, water and zoning.
Power. The developer requests service from the utility and signs a supply agreement. Meta's campus in Richland Parish, Louisiana is expanding to 5 GW of IT capacity, with seven new gas-fueled plants in its arrangement with Entergy6.
Approvals. Rezoning, tax incentives, building permits and air permits for backup generators.
Construction. Site work, the building shell, then electrical and cooling systems, often building by building. For tracked US campuses, reaching 1 GW of facility power has taken about 1 to 3.6 years from the start of construction7.
Equipment and energization. Servers, accelerators and networking go in, the utility energizes the site, and capacity comes online in phases. Servers aren't counted in construction spending5.
| Month | Annual rate |
|---|---|
| Sep 2024 | $37,576 mn |
| Dec 2024 | $44,703 mn |
| Mar 2025 | $46,593 mn |
| Jun 2025 | $46,850 mn |
| Sep 2025 | $50,700 mn |
| Dec 2025 | $55,461 mn |
| Mar 2026 | $58,121 mn |
| Jun 2026 | $72,695 mn |
| Sep 2026, preliminary | $96,462 mn |
From published facts in this layer, ranked within each kind of measure. They aren't added together, because two facts can describe the same capacity.
| Fact | Figure |
|---|---|
| Cipher Digital reports 700 MW contracted gross HPC capacity across Barber Lake, Black Pearl and Stingray, with $16.6 Bn contracted revenue | 700 MW |
| Cipher Digital is building a 300 MW Barber Lake Facility for Fluidstack, with phased commencement expected in Q4 2026 | 300 MW |
| Cipher Digital's 300 MW Black Pearl Facility in Wink, Texas began phased delivery to an HPC tenant in August 2026 | 300 MW |
| Figure | Fact | Published |
|---|---|---|
| 700 MW | Cipher Digital reports 700 MW contracted gross HPC capacity across Barber Lake, Black Pearl and Stingray, with $16.6 Bn contracted revenue | Nov 3, 2026 |
| 300 MW | Cipher Digital is building a 300 MW Barber Lake Facility for Fluidstack, with phased commencement expected in Q4 2026 | Nov 3, 2026 |
| 300 MW | Cipher Digital's 300 MW Black Pearl Facility in Wink, Texas began phased delivery to an HPC tenant in August 2026 | Nov 3, 2026 |
| Figure | Fact | Published |
|---|---|---|
| $9.55 bn | Eaton acquired Boyd Thermal, a data center thermal systems maker, for $9.55 billion on March 12, 2026 | Nov 3, 2026 |
| $9.1 bn | Cipher Digital amends Barber Lake lease with a leading AI lab, adding 10 years and raising contracted revenue to $9.1Bn | Nov 3, 2026 |
| $6.2 mn | Vertical Data completes acquisition of Cirenso Group AB, owner of a Swedish site with 4.7 MW of power capacity | Nov 3, 2026 |
| Figure | Fact | Published |
|---|---|---|
| 16,000 GPUs | Vertical Data signs non-binding term sheet for GPU-as-a-Service on about 16,000 NVIDIA Blackwell-generation GPUs for a cloud provider | Nov 3, 2026 |
| 8,000 GPUs | Vertical Data signs letter of intent to provide about 8,000 NVIDIA Blackwell-generation GPUs to an AI developer in Europe | Nov 3, 2026 |
Companies named most often in this layer's facts.
Places named most often in this layer's facts.
Public records that show changes in this layer before they're announced.
| Record | What it shows | How early |
|---|---|---|
| Large-load requests to utilities and grid operators | Requested power by location | Often years before announcement; many requests are never built |
| State air permits for backup generators | Site, owner and generator capacity | Months to a year or more before operation |
| County zoning, permits and tax incentives | Parcel, building size and investment | Months to years before opening |
| Land purchases by new companies | Large parcels near substations | Often the earliest public trace |
| Earnings guidance and lease commitments | Planned capital spending | Quarters to years ahead |
| Census construction spending | Construction already under way | Monthly, about two months after the month5 |
Boyd Thermal makes thermal components, systems and ruggedized solutions for data center, aerospace and other end-markets, and employs more than 6,000 people. It is reported in the Electrical Global segment. Eaton's cash paid for acquisitions was $11,079 million in the first nine months of 2026.
Boyd ThermalEaton Source: Eaton Corp plc 10-Q, filed Nov 3, 2026
The site in Hamre Industrial Park, Sollefteå Municipality has a pending application for a grid connection of up to 100 MW. The purchase price was SEK 60.0 million (approximately US$6.2 million), and the Company intends to develop the site as an AI data center.
Cirenso Group ABVertical Data Inc.Vertical Data Nordic AB Source: Vertical Data Inc. 8-K, filed Nov 2, 2026
The five-year take-or-pay agreement at a fixed rate would represent aggregate contract value of approximately US$1.4 billion if fully performed. It includes a refundable customer downpayment and is subject to the Company securing financing.
NVIDIAVertical Data Inc. Source: Vertical Data Inc. 8-K, filed Nov 2, 2026
The five-year take-or-pay term sheet would serve a sovereign government end customer, with aggregate contract value of approximately US$2.8 billion if fully performed. It is non-binding apart from exclusivity, dispute resolution and governing law, and is subject to definitive agreements, financing, letters of credit and export-control clearances.
NVIDIAVertical Data Inc. Source: Vertical Data Inc. 8-K, filed Nov 2, 2026
A 100 MW Stingray data center for an HPC tenant is expected to commence in 2027. The portfolio also includes seven additional sites expected to be built out for HPC.
Cipher Digital Inc.FluidstackFluidstack USA II Inc. Source: Cipher Digital Inc. 10-Q, filed Nov 2, 2026
The grid-powered site was used for bitcoin mining through February 2026. HPC leasing revenue was $5,852 in the quarter ended September 30, 2026, with no HPC revenue in the prior-year period.
Cipher Digital Inc. Source: Cipher Digital Inc. 10-Q, filed Nov 2, 2026
The portfolio has a 17.3-year weighted average lease term and $864 MM projected average annualized NOI. Contracted revenue including extensions is $28.4Bn, with high investment-grade counterparties.
Cipher Digital Source: Cipher Digital Inc. 8-K, filed Nov 2, 2026
Cipher elected to invest additional capital instead of change order reimbursement, in exchange for a 10-year lease extension and incremental rent (+$5.2Bn incremental rent). Data halls are delivered in phases from Q4 2026 through Q1 2027, and the base lease term is now 20 years.
Cipher Digital Source: Cipher Digital Inc. 8-K, filed Nov 2, 2026
Reference figures checked Nov 3, 2026.