artifacts/bundles/-capex-2026-07-27/). The comparable read:
| | capex (2026) | sites | silicon | power secured | payoff claim |
|---|---|---|---|---|---|
| Google | $195–205B guided | 15+ states + India — a land-grab | TPU v7; Nvidia split undisclosed | solar-heavy + Kairos Gen-IV '30 | $514B backlog, Cloud +82% (press-only) |
| Microsoft | $80.1B 9-mo FY26 (FY total Wed) | WI+GA superfactory ~2GW + Pecos ~2GW | Maia 200 dual-purpose; split undisclosed | TMI/Crane '27 + Kilby 2.7GW | $37B AI run-rate +123%; $250B OpenAI unmapped |
| Amazon | ~$200B plan | Rainier live + MS/PA/NC $55B | 1.4M Trainium; split undisclosed | Talen 1.92GW firm + X-Energy 5GW '39 | $364B backlog excl. Anthropic $100B; landlord model |
| Meta | $135–145B guidance (our $76B TTM flagged) | Hyperion 5GW — 80% sold to Blue Owl; El Paso pushback | MTIA "millions" H100-eq; Broadcom '29 | nuclear ≤6.6GW RFP BUT RE100 exit → 7.5GW gas | superintelligence framing softening; Moody's warning |
The four cross-cutting findings:
1. The silicon split is the industry's common non-disclosure — 4 of 4
refuse the own-chip vs Nvidia breakdown. The labs leak what the
hyperscalers won't (Anthropic: 1M TPUs and 1M Trainium).
2. The payoff layer is the weakest — backlogs and run-rates are
press-corroborated; primary filings were unreachable or the mappings
(e.g. $250B OpenAI → capex) simply don't exist publicly.
3. Power is the binding constraint being solved three ways — nuclear
restarts ('27) → Gen-IV/SMR options ('30–'39) → and now Meta's open
gas pivot, the first break in the clean-power consensus.
4. Capex is migrating off balance sheets — Meta→Blue Owl 80%,
BlackRock's $12.5B bonds, Microsoft's lease book: the buildout is
becoming other people's balance sheets. (Feeds
Circular Financing / Nvidia as Lender.)No source link was recorded for this entry — the prose above is the record.
Credibility ratings combine two public datasets: Lin et al. 2023, PNAS Nexus 2(9):pgad286 (CC BY 4.0) for the domain-quality score, and Wikipedia's perennial-sources list (CC BY-SA 4.0) for the reliability tier. A rating describes an outlet's general record, never this particular article. Unrated means absent from those datasets — not a judgement.
This event sits inside Hyperscaler Capex, which carries how it developed before and since.
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