AI Capex Tracker

Neocloud AI infrastructure spending

CoreWeave, Nebius, IREN, Applied Digital, Crusoe and more: quarterly capex from filings, GPU equipment orders and the customer contracts that fund them.

38 readingsNative currency billionsDefinitions and coverage
CoreWeave 2025 Q3capex1.851—USDReported2025 Q3Deployed assets2026-11-11
CoreWeave 2025 Q4capex8.21—USDReported2025 Q4Deployed assets2026-11-11
CoreWeave 2026 Q3capex14.5111—USDReported2026 Q3Deployed assets2026-11-11
CoreWeave 2026 Q3 outlookguidance371391USDRangeCalendar 2026Annual capex forecast2026-11-11
Vultr Chennai expansioncommitment———PlannedInitial deployment announced October 2026Announced AI capacity deployment2026-11-11
Nebius 2025 Q2capex0.5111—USDReported2025 Q2PPE + intangibles2026-11-11
Nebius 2026 Q2capex5.6571—USDReported2026 Q2PPE + intangibles2026-11-11
CoreWeave 2025 Q1capex1.8571—USDReported2025 Q1Deployed assets2026-11-11
CoreWeave 2025 Q2capex2.9381—USDReported2025 Q2Deployed assets2026-11-11
CoreWeave 2026 Q1capex6.7871—USDReported2026 Q1Deployed assets2026-11-11
CoreWeave 2026 Q2capex9.3521—USDReported2026 Q2Deployed assets2026-11-11
Applied Digital FY2026 HPC capexcapex2.9891—USDReportedFY2026 ended May 31HPC hosting segment capex2026-11-11
Nebius 2025 Q1capex0.5441—USDReported2025 Q1PPE + intangibles2026-11-11
Nebius 2026 Q1capex2.4731—USDReported2026 Q1PPE + intangibles2026-11-11
Nebius 2025 Q4capex2.0561—USDReported2025 Q4PPE + intangibles2026-11-11
Nebius 2025 Q3capex0.9561—USDReported2025 Q3PPE + intangibles2026-11-11
Nebius Meta contractcommitment31—USDApproximatelyFive-year agreementCustomer cloud purchase commitment2026-11-11
IREN Dell equipmentcommitment5.81—USDApproximatelyFour deployment phases through 2026GPU equipment purchase agreement2026-11-11
IREN Microsoft contractcommitment9.71—USDApproximatelyFive-year agreementCustomer cloud purchase commitment2026-11-11
Lambda Microsoft compute agreementcommitment———Not quantifiedMulti-year contract announced 2025Customer cloud purchase commitment2026-11-11
Cipher Barber Lake Fluidstackcommitment31—USDApproximatelyTen-year base termCustomer lease commitment2026-11-11
CoreWeave UK expansioncommitment1.51—GBPReportedExpansion announced September 2025Regional infrastructure investment plan2026-11-11
Nebius Microsoft contractcommitment17.41—USDApproximatelyFive-year services through 2031Customer cloud purchase commitment2026-11-11
Applied Digital Polaris Forge 1 leasescommitment111—USDApproximatelyApproximately 15-year base termsCustomer lease commitments2026-11-11
IREN FY2024 cash investmentcapex0.481—USDReportedFY2024 ended June 30Cash PPE plus hardware prepayments2026-11-11
IREN FY2025 cash investmentcapex1.3731—USDReportedFY2025 ended June 30Cash PPE plus hardware prepayments2026-11-11
TeraWulf Fluidstack Lake Marinercommitment3.71—USDApproximatelyTen-year base leasesCustomer lease commitments2026-11-11
CoreWeave Pennsylvania investmentcommitment61—USDUp toIntent announced July 2025Data center equipment investment plan2026-11-11
Crusoe Abilene expansioncommitment151—USDReportedExpanded development announced May 2025Joint venture development commitment2026-11-11
Galaxy Helios CoreWeave leasecommitment4.51—USDApproximately15-year initial leaseCustomer lease commitment2026-11-11
Nebius 2024 annualcapex0.8081—USDReported2024 annualReported capital expenditures2026-11-11
Nebius 2024 Q4capex0.4181—USDReported2024 Q4Reported capital expenditures2026-11-11
Fluidstack France supercomputer MoUcommitment101—EURPlannedMoU announced February 2025Project memorandum2026-11-11
Nscale UK investment plancommitment21—GBPReportedThree years from January 2025Regional infrastructure investment plan2026-11-11
Together AI Hypertec Blackwell clustercommitment———PlannedDeployment starting Q1 2025Announced GPU cluster buildout2026-11-11
Crusoe Abilene phase onecommitment3.41—USDReportedDevelopment announced October 2024Joint venture development commitment2026-11-11
Applied Digital FY2024 HPC capexcapex0.2071—USDReportedFY2024 ended May 31HPC hosting segment capex2026-11-11
Applied Digital FY2025 HPC capexcapex0.9771—USDReportedFY2025 ended May 31HPC hosting segment capex2026-11-11

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