Big AI Spending Tracker

CW

THE CODEW · Tech & Market Intelligence AI SPENDING TRACKER v1.4

LIVE Q1 2026

Big AI Spending Tracker — Editorial Intelligence

Total AI Spending
2026: $725B

Don’t just track AI spending. Track the entire AI capital flow — from spender to recipient to technology to project. Modeled on Value Add VC, built for The CODEW Intelligence.The CODEW AI Spending Tracker maps the entire AI capital flow — from spender to recipient to technology. $725B in 2026 hyperscaler capex, $500B Stargate project, $32B Wiz deal, and the suppliers winning the buildout.

2026 TOTAL (4 HYPERSCALERS)

$725B

Confirmed guidance

YOY GROWTH

+77%

vs $410B in 2025

CUMULATIVE 2023–2026

$1.5T

4-yr capex cycle

01 — COMPANY LEADERBOARD 2026 GUIDANCE

5 companies · 2026E

RANKCOMPANY2026 SPENDYoYSTRATEGY

01+101.8%

AmazonAMZN

Cloud backlog $460B

$220BUSD

+101.8%

AWS + Anthropic

02+64.3%

AlphabetGOOGL

TPU v6 + Gemini

$195–205BUSD

+64.3%

Cloud backlog $460B

03+60.1%

MicrosoftMSFT

$13B equity + $250B commit

$175–190BUSD

+60.1%

Azure + OpenAI 27%

04+58.4%

MetaMETA

Llama + MTIA

$130–145BUSD

+58.4%

No cloud offset

05+312%

OracleORCL

CoreWeave capacity

$40B+USD

+312%

Stargate + OCI

SOURCE: Company filings + guidance + The CODEW estimates Confidence: High

02 — CAPITAL FLOW DIAGRAM  

The CODEW model

FLOW A — STRATEGIC INVESTMENT Microsoft → OpenAI

SPENDER

Microsoft

MSFT

TYPE

Strategic Investment

Equity + Compute

RECIPIENT

OpenAI

Private

TECHNOLOGY

GPT models

o3 / GPT-5

PROJECT

Azure AI

Supercomputing

AMOUNT

$13B + $250B

Commitments

Methodology: Classified as Actual + Contracted + Guidance. Equity stake ~49% economic, 27% profit share capped.

FLOW B — GPU PROCUREMENT Oracle → Nvidia → Stargate

SPENDER

Oracle

ORCL + Stargate JV

TYPE

GPUs

AI Accelerators

RECIPIENT

Nvidia

NVDA

TECHNOLOGY

GB200 NVL72

Blackwell

PROJECT

Stargate Abilene

TX · 1.2GW

AMOUNT

$40B

Phase 1

Recipient chain: Oracle → Nvidia → TSMC (3nm) → Vertiv (cooling) → Eaton (power). $1B → $350M to Nvidia.

03 — RECIPIENT INTELLIGENCE

Who captures $1B of AI spend?

$

↗

Insight: Nvidia alone captures ~$254B of $725B 2026 spend. TSMC’s AI revenue now exceeds entire legacy logic.

04 — INTELLIGENCE VIEWS

8 LENSES

05 — GUIDANCE REVISIONS Q1 2026 RAISES

Feb 04 2026+$15B

Alphabet$175–180B →$195–205B

TPU v6 ramp + Gemini 3 demand

Feb 06 2026+$20B

Amazon$200B →$220B

Anthropic cluster + Project Rainier

Feb 12 2026+$10B

Meta$120–135B →$130–145B

MTIA v3 + Llama 4 training

Jan 29 2026+$25B*

Microsoft$150B →$175–190B

*Inflation-adjusted lease reclass

06 — PROJECT HIGHLIGHT STARGATE $500B PROGRAM

The largest private
infrastructure build
in history.

TOTAL

$500B

PHASE 1 POWER

1.2 GW

SITE

Abilene, TX

JV: OpenAI, SoftBank, Oracle, MGX. First site 360k sq ft, 64k GB200s Phase 1. Power via SB Energy + new gas + grid. Construction started Q4 2025. Connects to CODEW AI Infrastructure Buildout Tracker.

Company → Project → Location → MW → Investment → Timeline → Tech → Status

Stargate Blueprint

JV Equity

SoftBank $30B · OpenAI $20B · Oracle $15B · MGX $10B

Compute Contract

Oracle leases 100% capacity to OpenAI — 15yr

GPU Supply

Nvidia GB200 NVL72 · Dell + Supermicro racks

Power Stack

1.2GW = 0.7GW gas + 0.3GW solar+storage + 0.2GW grid

TAXONOMY & METHODOLOGY

Deliverable: Official AI Spending Taxonomy v1. Distinction critical — total capex ≠ AI-attributable. Value Add VC methodology baseline.

TEAMS: Intelligence · Financial · M&A · VC · Infra · Market · Data · Editorial 25 companies → 250

THE CODEW INTELLIGENCE · AI CAPITAL-FLOW INTELLIGENCE PLATFORM · SOURCE: SEC FILINGS + EARNINGS CALLS + GUIDANCE · NOT FINANCIAL ADVICE

Built for editorial intelligence · Links to AI Watch + Tech M&A Watch + VC Tracker · Vertical embed ready · 800px max