Monday, 9 November 2026
Silicon Analytica
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Chart 7 · World & market

NVIDIA's Data Center revenue was $89.0B in Q2 2026, equal to 54% of the big four hyperscalers' $165.1B capex (NVIDIA's Q3 2026 not yet reported)

Q1 2024 – Q2 2026

US$ per calendar quarterHyperscaler capex (4 companies)NVIDIA Data Center revenue$0$50B$100B$150B$200BQ1 ’24Q2 ’24Q3 ’24Q4 ’24Q1 ’25Q2 ’25Q3 ’25Q4 ’25Q1 ’26Q2 ’26Hyperscaler capex (4 companies), Q1 ’24: $44.3B (Calculated)Hyperscaler capex (4 companies), Q2 ’24: $52.9B (Calculated)Hyperscaler capex (4 companies), Q3 ’24: $58.9B (Calculated)Hyperscaler capex (4 companies), Q4 ’24: $72.3B (Calculated)Hyperscaler capex (4 companies), Q1 ’25: $71.9B (Calculated)Hyperscaler capex (4 companies), Q2 ’25: $88.2B (Calculated)Hyperscaler capex (4 companies), Q3 ’25: $97.3B (Calculated)Hyperscaler capex (4 companies), Q4 ’25: $118.6B (Calculated)Hyperscaler capex (4 companies), Q1 ’26: $129.8B (Calculated)Hyperscaler capex (4 companies), Q2 ’26: $165.1B (Calculated)NVIDIA Data Center revenue, Q1 ’24: $22.6B (Reported)NVIDIA Data Center revenue, Q2 ’24: $26.3B (Reported)NVIDIA Data Center revenue, Q3 ’24: $30.8B (Reported)NVIDIA Data Center revenue, Q4 ’24: $35.6B (Reported)NVIDIA Data Center revenue, Q1 ’25: $39.1B (Reported)NVIDIA Data Center revenue, Q2 ’25: $41.1B (Reported)NVIDIA Data Center revenue, Q3 ’25: $51.2B (Reported)NVIDIA Data Center revenue, Q4 ’25: $62.3B (Reported)NVIDIA Data Center revenue, Q1 ’26: $75.2B (Reported)NVIDIA Data Center revenue, Q2 ’26: $89.0B (Reported)$165.1B$89.0BSource: company filings (10-Q, 10-K; NVIDIA 8-K CFO commentary) · Silicon Analytica calculationsSilicon Analyticasiliconanalytica.com/data/charts/hyperscaler-capex-vs-nvidia-data-center
  • Calculated hyperscaler capex is the sum of the four companies’ purchases of property and equipment per calendar quarter (some quarters derived from year-to-date figures).
  • Calculated NVIDIA quarters end about one month after calendar quarters (e.g. Q2 FY2027 = 27 Apr – 26 Jul 2026); each is shown in the calendar quarter in which most of its days fall.
View sources (37)
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-09-30 · Q3 2025 · published 30 Oct 2026
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date · Q3 2025 · published 29 Oct 2026
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2025-09-30 · Q3 2025 · published 28 Oct 2026
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q3 2025 · published 22 Oct 2026
  • NVIDIA CFO Commentary, Q2 FY2027 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q2 FY2027 · published 26 Aug 2026
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-06-30 (+1 more) · Q2 2025, Q2 2026 · published 31 Jul 2026
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q2 2025, Q2 2026 · published 30 Jul 2026
  • Microsoft Form 10-K · Cash flow statement: Additions to property and equipment, year-to-date · Q2 2024, Q2 2025, Q2 2026 · published 29 Jul 2026
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date · Q2 2025, Q2 2026 · published 23 Jul 2026
  • NVIDIA CFO Commentary, Q1 FY2027 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q1 FY2027 · published 20 May 2026
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-03-31 (+1 more) · Q1 2025, Q1 2026 · published 30 Apr 2026
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-03-31 (+1 more) · Q1 2025, Q1 2026 · published 30 Apr 2026
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, three months ended 2025-03-31 (+1 more) · Q1 2025, Q1 2026 · published 30 Apr 2026
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2025-03-31 (+1 more) · Q1 2025, Q1 2026 · published 29 Apr 2026
  • NVIDIA CFO Commentary, Q4 FY2026 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q4 FY2026 · published 25 Feb 2026
  • Amazon Form 10-K · Cash flow statement: Purchases of property and equipment, year-to-date · Q4 2024, Q4 2025 · published 6 Feb 2026
  • Alphabet Form 10-K · Cash flow statement: Purchases of property and equipment, year-to-date · Q4 2024, Q4 2025 · published 5 Feb 2026
  • Meta Platforms Form 10-K · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q4 2024, Q4 2025 · published 29 Jan 2026
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2024-12-31 (+1 more) · Q4 2024, Q4 2025 · published 28 Jan 2026
  • NVIDIA CFO Commentary, Q3 FY2026 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q3 FY2026 · published 19 Nov 2025
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-09-30 · Q3 2024 · published 31 Oct 2025
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date · Q3 2024 · published 30 Oct 2025
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q3 2024 · published 30 Oct 2025
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2024-09-30 · Q3 2024 · published 29 Oct 2025
  • NVIDIA CFO Commentary, Q2 FY2026 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q2 FY2026 · published 27 Aug 2025
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-06-30 · Q2 2024 · published 1 Aug 2025
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q2 2024 · published 31 Jul 2025
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date · Q2 2024 · published 24 Jul 2025
  • NVIDIA CFO Commentary, Q1 FY2026 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q1 FY2026 · published 28 May 2025
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-03-31 · Q1 2024 · published 2 May 2025
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, three months ended 2024-03-31 · Q1 2024 · published 1 May 2025
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2024-03-31 · Q1 2024 · published 30 Apr 2025
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-03-31 · Q1 2024 · published 25 Apr 2025
  • NVIDIA CFO Commentary, Q4 FY2025 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q4 FY2025 · published 26 Feb 2025
  • NVIDIA CFO Commentary, Q3 FY2025 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q3 FY2025 · published 20 Nov 2024
  • NVIDIA CFO Commentary, Q2 FY2025 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q2 FY2025 · published 28 Aug 2024
  • NVIDIA CFO Commentary, Q1 FY2025 (Form 8-K Ex. 99.2) · Revenue by Market Platform, Data Center ($ in millions) · Q1 FY2025 · published 22 May 2024

In Q2 2026, NVIDIA reported $89.0B of Data Center revenue while Microsoft, Alphabet, Amazon and Meta together spent $165.1B on property and equipment.

In Q1 2024 the figures were $22.6B and $44.3B.

The two are not the same money: hyperscaler capex also pays for buildings, power and non-NVIDIA equipment, and NVIDIA sells to many other customers.

Hyperscaler capex for Q3 2026 is reported, but NVIDIA has not yet reported its matching quarter, so the comparison ends at Q2 2026.

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