The AI buildout — capex, clouds & data centers

Tracking the capital pouring into AI infrastructure across 116 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: $515.8B.

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; taken private via compulsory redemption by CQXA and removed from Nasdaq Copenhagen in May 2026.
  • 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 — Builds and operates AI data centers, including power acquisition, for large-scale AI compute.
  • 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.
  • Accton Technology Corporation — Taiwan ODM/OEM of data-center and enterprise switches, including 400G AI/ML white-box fabrics.
  • DriveNets Ltd. — Israeli firm providing disaggregated Network Cloud software and Ethernet AI fabric on white-box hardware.
  • CoolIT Systems Inc. — Direct liquid cooling (DLC) systems and coolant distribution units for data centers and HPC.
  • Submer Technologies S.L. — Single-phase immersion cooling solutions for HPC, hyperscale and AI data centers.
  • Asia Vital Components Co., Ltd. — Taiwanese thermal-solutions maker: fans, heat sinks, vapor chambers and liquid cooling for AI servers.
  • FSP Technology Inc. — Taiwanese FSP Group power-supply maker producing server PSUs (CRPS), UPS and battery backup units.
  • GE Vernova — Manufactures power transformers, grid switchgear, and gas turbines that connect AI data centers to the electrical grid.
  • ABB Ltd — Supplies electrification equipment for data centers, including switchgear, power distribution units, and solid-state medium-voltage UPS systems.
  • Siemens Energy AG — Manufactures power transformers and grid technology for data-center power connections, and is investing $1 billion to expand US grid-equipment manufacturing.
  • Legrand SA — Supplies power distribution and control equipment for data centers, including rack PDUs and busway, through its Data, Power and Control division.
  • Hitachi Energy — Manufactures power transformers and grid-to-rack power conversion equipment for data centers; a wholly owned subsidiary of Hitachi Ltd, headquartered in Zurich.
  • Hammond Power Solutions — Manufactures dry-type distribution transformers for the North American market.
  • Powell Industries — Manufactures medium- and low-voltage switchgear for data centers, including electrical substations, and holds a $1.6 billion order backlog driven partly by data-center wins.
  • Quanta Services — Provides electrical engineering, procurement and construction (EPC) services for data-center power infrastructure, including transmission lines and substations.
  • Hubbell Incorporated — Supplies electrical products for data centers, including power distribution units, cable management, and structured cabling, through its Electrical and Utility Solutions segments.
  • Emerson Electric — Supplies automation, measurement, and control systems for data-center power and cooling infrastructure, including DCIM and building management software.
  • Cummins — Manufactures diesel and natural-gas backup generator sets for data centers.
  • Caterpillar — Manufactures diesel and natural-gas generator sets and grid-forming battery energy storage systems for data-center backup and prime power.
  • Bloom Energy — Manufactures solid oxide fuel cells deployed as on-site power sources for AI data centers, with supply agreements including Oracle and Equinix.
  • Trane Technologies plc — Manufactures chillers and liquid cooling systems for data centers, including a thermal management reference design co-developed with NVIDIA, and acquired liquid-cooling company LiquidStack in 2026.
  • Johnson Controls International plc — Manufactures YORK-brand chillers for data-center cooling and has invested in liquid-cooling technology company Accelsius.
  • Modine Manufacturing — Manufactures data-center cooling systems, including chillers and liquid cooling, under its Airedale by Modine brand, and secured a $4 billion long-term capacity agreement in 2026.
  • AAON — Manufactures HVAC and liquid cooling systems for data centers under its BASX brand, which grew 72% year over year in Q1 2026 on data-center cooling demand.
  • Parker Hannifin — Manufactures liquid-cooling quick disconnects, sensors, and fluid-transfer components for data-center thermal management systems.
  • STULZ — Manufactures precision air conditioning and liquid cooling systems for data centers; a privately held, family-owned company headquartered in Hamburg.
  • Rittal — Manufactures IT enclosures, racks, and cooling systems for data centers; the world's largest enclosure manufacturer, privately held as part of the family-owned Friedhelm Loh Group.
  • Generac Holdings — Manufactures diesel and natural-gas backup generators for data centers, including a global supply agreement with a hyperscale data-center operator.
  • Flex Ltd. — Electronics manufacturing services (EMS)/ODM provider; builds data-center power and liquid-cooling hardware, including JetCool technology acquired in 2024, alongside contract manufacturing.

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