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Hyperscaler Capex Surge Signals Second-Half Acceleration

Published September 16, 20261 min read

Datacenter cold aisle with server racks receding into blue bokeh, cyan LED indicators glowing softly — Hyperscalers poured over $210 billion into data center buildout in Q2 alone, with full-year spending guidance now nearing $900 billion. Illustration: MarketIntelLabs

Five of the largest cloud providers collectively spent over $210 billion on capital expenditures in the second quarter of 2026, a 23 percent increase from the first quarter, and every one of them raised full-year guidance. The filings show where the money is going and what the acceleration means for the second half of the year.

Key Takeaways The five hyperscalers spent $210B+ in Q2 2026, up 23% QoQ Every company raised full-year guidance, aggregate now approaches $900B for 2026 Supply constraints will persist into 2027 per Andy Jassy Hyperscaler quarterly capex, Q1 2025 through Q2 2026. Data source: Company 10-Q filings. Amazon led the group with $54.8 billion in Q2 capex, up 27 percent from…

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