What Google is up to now
Pouring capital into the buildout — raised 2026 capex guidance to $195–205B and flagged "significantly more" for 2027 (the market punished it, GOOGL −6% despite a Cloud beat). On models it's pretraining Gemini 4, its most ambitious run, while testing Gemini 3.5 Pro and supplying the model layer for Apple Intelligence. A participant in the White House pre-release review framework. Owns its mines (TPUs), which is what lets it spend at this scale. Destination traced 07-27: a 15+ state site land-grab + India, solar-heavy power + the first Gen-IV utility PPA (TVA/Kairos '30).
as of 2026-07-24
The metrics
- Posture med
- expanding 2 src →
- Capital · available med
- ~$242B cash+STI (Q2-2026) — but see note: up sharply from ~$127B Dec-2025 on a large debt raise 2 src →
- Capital · operating high
- ~$186B/yr operating cash flow (TTM ended Jun-2026); $164.7B FY25 1 src →
- Capital · deployed high
- ~$132B/yr capex in-flight (TTM), up from ~$91B FY25 — TPU + datacenter estate 1 src →
- Capital · in high
- ~$446B TTM revenue (FY25 $402.8B); ads ~$315B + Cloud $77.6B (FY25) 2 src →
- Capital · out high
- ~$188B/yr out: ~$132B capex + ~$10B dividends + ~$17B buybacks (TTM); buybacks slowing 1 src →
- Optionality high
- free-leaning-mixed — dual-class founder control keeps it free, but ~$132B/yr TTM AI capex is self-earmarked; new debt adds an interest claim 2 src →
- Gravity high
- GROSS ~$403B/yr FY25 revenue ecosystem (ads ~$315B + Cloud $77.6B; ~$446B TTM) — revenue-as-proxy, undeflated per board policy; NO partner-multiplier reconstruction done (lower bound) 2 src →
Holdings
GeminiDeepmindTpuGoogle cloud
Dependents
Projects & threads
·
Google Capex
buildout race
↳ Hyperscaler Capex
— developing · last seen 2026-07-27
· 19 entries
·
Frontier Gatekeeping
authority claim
— open · last seen 2026-07-28
· 9 entries
·
Apple × Gemini
partnership
— developing · last seen 2026-07-28
· 8 entries
·
In-House Silicon
resource move
↳ Compute Spend
— open · last seen 2026-07-25
· 8 entries
◉
Hyperscaler Capex
buildout race
— open · last seen 2026-07-28
· 6 entries
·
Google Health
partnership
↳ Big Tech into Health
— open · last seen
· 6 entries
◉
Compute Spend
resource move
↳ Where the Capex Lands
— open · last seen
· 3 entries
◉
Big Tech into Health
partnership
— open · last seen 2026-07-28
· 3 entries
◉
Where the Capex Lands
buildout race
— open · last seen
· 2 entries
Full item history for Google →
Vocabulary