Q1 2026 Data Center Capex: Amazon $200B, Google $185B — The Hyperscaler Scorecard
Amazon leads with $200B+ in forward guidance, but the real story is the mid-cap surge. Here is what the numbers say about where infrastructure dollars are flowing.
The Big Picture
The data center buildout continues to accelerate. Our tracker now covers 40+ companies across the supply chain, and the aggregate forward capex commitments are staggering.
Top 5 Spenders by FY26 Forward Guidance
| Company | FY26 Guidance | YoY Change |
|---------|--------------|------------|
| Amazon (AMZN) | $200B+ | +40% |
| Google (GOOGL) | $175-185B | +35% |
| Meta (META) | $115-135B | +45% |
| Microsoft (MSFT) | $120B+ | +30% |
| Oracle (ORCL) | $50B | +60% |
The Mid-Cap Surge
What is more interesting than the hyperscaler spending is the acceleration in mid-cap infrastructure companies. Companies like Vertiv, Eaton, and Schneider Electric are seeing order backlogs at all-time highs.
"We have never seen demand signals like this. Our backlog extends through 2028." — Vertiv CFO, Q4 2025 earnings call
What This Means for Investors
The DC Index basket — our equal-weighted index of ~27 supply-chain stocks — captures this mid-cap surge better than market-cap-weighted alternatives that are dominated by hyperscalers.
Key Takeaways
- Forward guidance aggregates to $900B+ across tracked companies
- Power infrastructure is the primary bottleneck (utilities cannot interconnect fast enough)
- Lead times for transformers remain elevated at 52-78 weeks
- The "picks and shovels" thesis remains intact