According to Apollo Global Management* and others — like Bridgewater —hyperscalers (Oracle, Microsoft, Amazon, Meta, and Google) are poised to invest over $600 billion in capital expenditures in 2026.
This level of investment is approaching 2 percent of U.S. gross domestic product —with the investment’s share of GDP more than doubling since 2023 (and growing more than sixfold since 2016).
And by many metrics, hyperscalers are investing at levels once reserved for nation states. This year, hyperscaler capex is estimated to be:
- Equivalent to the GDP for Singapore, Sweden, and Argentina.
- Roughly two-thirds of U.S. annual defense spending — but is more than the combined military spending of Germany, France, UK, Japan, Italy, and Canada.
Other signs? The hyperscaler data center demands are now measured in gigawatts - comparable to the output of small and even mid-sized nations; and with multi-trillion-dollar market caps, these firms (plus others, like Nvidia and Apple) now rival the size of entire stock markets in nations like Belgium, Denmark, and Indonesia.
* Source: “Putting the total amount of hyperscaler capex into perspective.” Torsten Slock, Rajvi Shah, and Shruti Galwankar, Apollo Global Management, February 2026.
