Monthly revisions to consensus capital expenditure forecasts for AI hyperscalers for 2024 to 2026 from September 2024 to November 2025
(in billion U.S. dollars)
Date of estimate
2024
2025
2026
Sep 2024
220
253
284
Oct 2024
222
264
303
Nov 2024
230
281
313
Dec 2024
231
281
314
Jan 2025
231
293
320
Feb 2025
237
321
347
Mar 2025
237
323
355
Apr 2025
237
326
355
May 2025
237
336
367
Jun 2025
237
343
374
Jul 2025
237
365
434
Aug 2025
237
383
457
Sep 2025
237
388
465
Oct 2025
237
393
511
Nov 2025
237
394
527
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Capital expenditure (capex) projections for AI hyperscalers increased through 2025 amid surging demand for AI infrastructure. The consensus estimate for 2026 spending stood at 527 billion U.S. dollars as of November 2025, up from 511 billion the previous month.
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Goldman Sachs. (December 18, 2025). Monthly revisions to consensus capital expenditure forecasts for AI hyperscalers for 2024 to 2026 from September 2024 to November 2025 (in billion U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 28, 2026, from /statistics/1655093/monthly-ai-hyperscaler-capex-forecast-revisions/
Goldman Sachs. "Monthly revisions to consensus capital expenditure forecasts for AI hyperscalers for 2024 to 2026 from September 2024 to November 2025 (in billion U.S. dollars)." Chart. December 18, 2025. ÌÇÐÄÆƽâ°æ. Accessed July 28, 2026. /statistics/1655093/monthly-ai-hyperscaler-capex-forecast-revisions/
Goldman Sachs. (2025). Monthly revisions to consensus capital expenditure forecasts for AI hyperscalers for 2024 to 2026 from September 2024 to November 2025 (in billion U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 28, 2026. /statistics/1655093/monthly-ai-hyperscaler-capex-forecast-revisions/
Goldman Sachs. "Monthly Revisions to Consensus Capital Expenditure Forecasts for Ai Hyperscalers for 2024 to 2026 from September 2024 to November 2025 (in Billion U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 18 Dec 2025, /statistics/1655093/monthly-ai-hyperscaler-capex-forecast-revisions/
Goldman Sachs, Monthly revisions to consensus capital expenditure forecasts for AI hyperscalers for 2024 to 2026 from September 2024 to November 2025 (in billion U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/1655093/monthly-ai-hyperscaler-capex-forecast-revisions/ (last visited July 28, 2026)
Monthly revisions to consensus capital expenditure forecasts for AI hyperscalers for 2024 to 2026 from September 2024 to November 2025 (in billion U.S. dollars) [Graph], Goldman Sachs, December 18, 2025. [Online]. Available: /statistics/1655093/monthly-ai-hyperscaler-capex-forecast-revisions/
