Footnote13

The AI Capex Ledger · updated —

Big Tech's AI build-out now costs more than its businesses bring in

Operating cash flow against all-in capital spending, including data centres taken on finance leases, for the five largest AI spenders. Every quarter, every company, with the data free to download.

The Cash Ledger · $bn per quarter

Who is spending more than they earn, quarter by quarter

Cash gap = operating cash flow minus all-in capex. Red means the company spent more than its operations generated that quarter.

Deficit over $5bn Deficit under $5bn Cash surplus Not yet reported
Source: company 10-Q/10-K filings, earnings releases and calls. Oracle mapped to calendar quarters (Jun–Aug = Q3). Footnote 13 analysis.Footnote13

All five combined · % of operating cash flow

The five together crossed 100% for the first time

All-in capex as a share of operating cash flow, five companies summed. Only quarters in which all five have reported.

Source: company filings. Quarterly and trailing-twelve-month sums. Footnote 13 analysis.Footnote13

The Waterline · leases signed, not yet started

Commitments already signed but not yet on the balance sheet

Future payments on leases signed but not yet commenced, mostly data centres, measured in years of operating cash flow. Undiscounted: a measure of scale, not a debt figure.

Source: latest 10-Q/10-K per company (date shown); TTM operating cash flow to the same date. Footnote 13 analysis.Footnote13

Open data · CC BY 4.0

Download the ledger

Free to use, chart and republish, with credit to Footnote 13.

Download CSV one row per fact Excel workbook with formulas

Source files and full revision history: github.com/footnote13ai/ai-capex-ledger

How to cite

Footnote 13, “AI Capex Ledger”, ledger.footnote13.com, accessed . CC BY 4.0.

What's in the CSV

metric
operating_cash_flow, capex_cash, finance_leases, leases_not_yet_commenced, lease_liabilities_recognised
calendar_quarter
Q3'26 style; fiscal_period gives the company's own label
value, unit
USD billions
basis
the exact line item or definition
source, as_of
the filing or call, and when it was entered

Notes to the ledger

How it is measured

Cash gap is operating cash flow minus all-in capital expenditure. All-in capex is cash spent on property and equipment plus assets taken on finance leases, as each company reports them. Data centres taken on operating leases are left out of capex and shown separately, as commitments not yet started.

Quarters are calendar quarters. Oracle's fiscal quarters end one month earlier (its June–August quarter is shown as Q3); Microsoft's fiscal year ends in June. The CSV carries both labels.

Revisions are logged below and in the repository history. Figures marked as estimates in the basis column are noted there.

Changelog

  1. Ledger launched: five companies, Q3'21 to latest. Finance leases from Q1'24. Hidden leases at each company's latest filing.