Capex Tracker
Micron leads AI-infrastructure capex at roughly $15.86B a year; Core has the highest intensity (capex 229% of revenue). Tracking 30 public companies across 1254 data points, all from SEC filings.
How much the companies building AI infrastructure are actually spending — neoclouds, hyperscalers, chipmakers and power providers — pulled directly from their SEC XBRL filings (10-K / 10-Q). Ranked by latest full-year capital expenditure. Capex / Rev is capex as a share of revenue — above 100% means a company is investing more than it earns to grab capacity.
| # | Company | Latest FY capex |
|---|---|---|
| 1 | Micron MU ↗ | $15.86B |
| 2 | Intel INTC ↗ | $14.65B |
| 3 | CoreWeave CRWV ↗ | $10.31B |
| 4 | Tesla TSLA ↗ | $8.53B |
| 5 | Constellation CEG ↗ | $2.95B |
| 6 | Vistra VST ↗ | $2.75B |
| 7 | Iron Mountain IRM ↗ | $2.27B |
| 8 | Applied Materials AMAT ↗ | $2.26B |
| 9 | GE Vernova GEV ↗ | $1.28B |
| 10 | Qualcomm QCOM ↗ | $1.19B |
| 11 | NRG Energy NRG ↗ | $1.15B |
| 12 | TeraWulf WULF ↗ | $1.06B |
| 13 | AMD AMD ↗ | $974M |
| 14 | Lam Research LRCX ↗ | $759M |
| 15 | Core Scientific CORZ ↗ | $729M |
| 16 | Broadcom AVGO ↗ | $623M |
| 17 | IREN IREN ↗ | $573M |
| 18 | Coherent COHR ↗ | $441M |
| 19 | KLA KLAC ↗ | $376M |
| 20 | Marvell MRVL ↗ | $354M |
| 21 | Vertiv (cooling) VRT ↗ | $220M |
| 22 | Nvidia NVDA ↗ | $139M |
| 23 | DigitalOcean DOCN ↗ | $129M |
| 24 | Talen Energy TLN ↗ | $98M |
| 25 | Applied Digital APLD ↗ | $58M |
| 26 | Astera Labs ALAB ↗ | $38M |
| 27 | Oklo (SMR) OKLO ↗ | $33M |
| 28 | Arista Networks ANET ↗ | $16M |
| 29 | Equinix EQIX ↗ | $15M |
| 30 | NuScale Power SMR ↗ | $1M |
Capex = PaymentsToAcquirePropertyPlantAndEquipment as reported to the SEC; latest full-year value where available, else latest period. Trend shows the last 12 reported periods. Updated August 7, 2026. See Methodology.