Alphabet locked in $811 billion of future spending on AI infrastructure. The number jumped $500 billion in one quarter.
TL;DR
Alphabet’s contracted future spending hit $811B at end of Q2, up ~$500B from Q1. It covers AI infrastructure supply agreements. Capex guidance raised to $195-$205B for 2026.
Alphabet had $811 billion in contracted future spending commitments at the end of June, up nearly $500 billion from just three months earlier. The figure, disclosed separately from capital expenditure in a quarterly filing, represents purchases Google has already committed to under supply agreements and open purchase orders. Roughly $200.7 billion of the total is short-term. The commitments cover chips, data centres, electricity, inventory, and content licences.
The number dwarfs the capex figures that have dominated AI spending headlines. Alphabet said on Wednesday it expects to spend $195 billion to $205 billion on capital expenditures in 2026 alone, up from its previous guidance of $180 to $190 billion. But $811 billion in total contracted obligations means Google has locked in roughly four...
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