The AI buildout — capex, clouds & data centers

Tracking the capital pouring into AI infrastructure across 88 AI & data-center companies — hyperscalers, GPU clouds (neoclouds), AI labs, and the data-center operators, power, and cooling behind them. Combined tracked AI-infrastructure capex: $418.9B.

Biggest AI capex spenders

AI & data-center companies

  • Alphabet (Google) — Designs TPU AI accelerators and Tensor phone SoCs for internal use.
  • Amazon (Annapurna Labs) — Designs Graviton CPUs and Trainium AI chips for AWS via Annapurna Labs.
  • Microsoft — Designs Maia AI accelerators and Cobalt server CPUs for Azure.
  • Meta Platforms — Designs MTIA inference accelerators for its own data centers.
  • CoreWeave — Largest pure-play GPU cloud (neocloud) renting NVIDIA capacity for AI.
  • Nebius Group — AI-focused GPU cloud spun out of Yandex; full-stack neocloud.
  • Lambda — GPU cloud and AI workstation provider for training and inference.
  • Crusoe Energy — Energy-first AI cloud building power-colocated GPU data centers.
  • Together AI — GPU cloud and inference platform for open models.
  • VAST Data — AI data platform and storage software for large GPU clusters.
  • Oracle — Enterprise software giant; OCI is a fast-growing AI cloud renting GPUs.
  • IBM — Enterprise computing and cloud; designs its own Power and Telum chips.
  • OpenAI — Leading AI lab (ChatGPT); designing custom inference silicon with Broadcom.
  • Anthropic — AI safety lab building the Claude models; runs on TPUs, Trainium, and GPUs.
  • xAI — Elon Musk's AI lab (Grok); operates the Colossus GPU supercluster.
  • Mistral AI — European AI lab building open-weight foundation models.
  • Equinix — World's largest data-center and interconnection REIT.
  • Digital Realty — Global data-center REIT; major hyperscale and AI capacity provider.
  • Vertiv — Leading data-center power and liquid-cooling systems maker.
  • Eaton — Electrical power management and data-center power infrastructure.
  • Schneider Electric — Energy management and data-center power/cooling infrastructure.
  • Super Micro Computer — AI server and liquid-cooled rack systems builder.
  • Arista Networks — High-speed data-center switching for AI back-end networks.
  • Cisco Systems — Networking giant supplying AI data-center switching and silicon.
  • Dell Technologies — Top AI server and infrastructure systems integrator.
  • Hewlett Packard Enterprise — Enterprise servers, HPC, and AI systems (incl. Cray).
  • Pure Storage — All-flash storage systems for AI and enterprise data centers.
  • Baidu — Chinese AI and cloud leader; designs Kunlun AI accelerators.
  • Alibaba Group — Chinese cloud leader; T-Head designs Yitian CPUs and Hanguang AI chips.
  • Tencent — Chinese internet and cloud giant developing in-house AI silicon.
  • Ciena — Optical networking and coherent transport for data-center interconnect.
  • Juniper Networks — Networking systems and AI-driven data-center switching and routing.
  • Delta Electronics — Power supplies, cooling, and power management for data centers and EVs.
  • Lite-On Technology — Power supplies and optoelectronics for servers and electronics.
  • nVent Electrical — Electrical connection, protection, and liquid-cooling enclosures.
  • Munters Group — Air treatment and data-center cooling systems.
  • Asetek — Liquid-cooling technology for high-performance computing.
  • GDS Holdings — Leading Chinese data-center developer and operator.
  • Celestica — EMS/ODM supplier of data-center hardware and AI systems.
  • Cohere — Enterprise large-language-model developer.
  • Perplexity AI — AI-powered answer engine and search company.
  • Hugging Face — Open-source AI model hub and machine-learning platform.
  • Scale AI — Data-labeling and AI infrastructure for model training.
  • NEXTDC — Australian hyperscale data-center operator.
  • Iron Mountain — Records-management REIT with a fast-growing data-center business.
  • NTT — Japanese telecom giant; NTT Global Data Centers is a top-five operator.
  • American Tower — Communications-infrastructure REIT; owns CoreSite data centers.
  • Keppel DC REIT — Asia-Pacific data-center REIT.
  • DigitalBridge — Digital-infrastructure investment manager owning DC and tower platforms.
  • 21Vianet — Chinese carrier-neutral data-center and cloud operator.
  • Vantage Data Centers — Global hyperscale data-center developer and operator.
  • Aligned Data Centers — Hyperscale data-center operator with adaptive liquid cooling.
  • Switch — US hyperscale data-center operator (DigitalBridge/IFM owned).
  • QTS Data Centers — US hyperscale data-center operator owned by Blackstone.
  • CyrusOne — Global hyperscale data-center operator (KKR/GIP owned).
  • CoreSite — US interconnection and colocation operator (American Tower).
  • EdgeConneX — Global hyperscale and edge data-center developer.
  • AirTrunk — Asia-Pacific hyperscale data-center operator (Blackstone owned).
  • STACK Infrastructure — Global hyperscale data-center platform (IPI Partners).
  • Compass Datacenters — US build-to-suit hyperscale data-center developer.
  • DataBank — US enterprise colocation and edge data-center operator.
  • Flexential — US colocation and hybrid-IT data-center operator.
  • Cologix — North American interconnection and colocation operator.
  • Yondr — Global hyperscale data-center developer and operator.
  • Colt Data Centre Services — Hyperscale data-center operator across Europe and Asia.
  • Global Switch — Large carrier-neutral data-center operator in Europe and Asia-Pacific.
  • Chindata Group — Hyperscale data-center operator in China and emerging Asia (Bain Capital).
  • Sify Technologies — Indian data-center, network, and cloud-services operator.
  • Voltage Park — GPU cloud provider for AI training and inference.
  • Fluidstack — GPU cloud aggregator for large-scale AI training.
  • AI21 Labs — Israeli AI lab building enterprise language models.
  • Nokia — Telecom and data-center networking systems and optical transport.
  • Huawei — Chinese networking and cloud giant; Ascend AI accelerators via HiSilicon.
  • ZTE — Chinese telecom-equipment maker; designs chips via its Sanechips unit.
  • New H3C — Chinese networking, server, and AI-infrastructure provider.
  • Applied Digital — AI data-center developer and GPU cloud (HPC hosting) provider.
  • IREN — Builds and operates data centers for AI compute and bitcoin mining.
  • Core Scientific — Data-center operator hosting HPC/AI (incl. CoreWeave) and bitcoin mining.
  • TeraWulf — Operator of data centers for AI/HPC hosting and bitcoin mining.
  • Cipher Mining — Data-center developer for HPC/AI and bitcoin mining.
  • Hut 8 — Energy-infrastructure and data-center operator for AI/HPC and bitcoin.
  • Bitdeer Technologies — Data-center operator and ASIC maker for AI/HPC and bitcoin mining.
  • HIVE Digital Technologies — Data-center operator for AI/HPC (Buzz HPC) and bitcoin mining.
  • Galaxy Digital — Crypto financial firm developing the Helios AI data-center campus.
  • Soluna Holdings — Green data centers co-located with renewable power for AI/HPC.
  • Bit Digital — GPU cloud (WhiteFiber) and digital-asset infrastructure operator.
  • Nscale — AI GPU cloud and data-center operator.
  • Sabey Data Centers — US hyperscale and enterprise data-center developer and operator.

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