A three-year snapshot of hyperscaler capital expenditure puts Oracle at the head of one of the most concentrated infrastructure build-outs in modern technology. Between 2022 and 2025, the company's annual capex grew from $6.68 billion to $35.47 billion — a 431% increase that outpaced every other major cloud and AI infrastructure provider in the dataset.
Research from investing platform BestBrokers, which standardised capital expenditure data from 20 publicly listed companies across the global AI supply chain, puts total hyperscaler infrastructure spending at roughly $411 billion in 2025, up from $158 billion in 2022 — a 160% rise across the group in three years.
Oracle's rate of growth is the outlier. Where Microsoft increased annual capex by 236% over the same period (from $24.76 billion to $83.10 billion) and Alphabet by 190% (from $31.49 billion to $91.45 billion), Oracle's spending intensity as a share of revenue reached 58.1% in 2025 — the highest ratio in the peer group. The comparison reflects Oracle's late but aggressive entry into AI-focused cloud infrastructure and high-density data centre expansion, competing for workloads that AWS, Azure, and Google Cloud have held for longer.
Amazon remains the largest absolute spender, with capex reaching $131.81 billion in 2025, though its infrastructure intensity sits lower at 18.4% of revenue. Meta, which does not sell external cloud services, directed 34.7% of total revenue toward capital expenditure in 2025 — second only to Oracle in spending intensity — with spending rising from $31.19 billion in 2022 to $69.69 billion in 2025 as it scaled AI infrastructure for its consumer platforms.
The BestBrokers dataset, drawn from StockAnalysis and company-reported financial disclosures, covers AI-relevant revenue segments and related capex trends for 20 publicly listed firms. Raw data is available via Google Sheets.
Paul Hoffman, data analyst at BestBrokers, framed the trajectory in terms of competitive dynamics: "The sheer pace of capital expenditure growth suggests the industry is entering one of the largest infrastructure build-outs in modern tech history."
The sheer pace of capital expenditure growth suggests the industry is entering one of the largest infrastructure build-outs in modern tech history.
