Big-four cloud capex per quarter, as reported (property and equipment spending): Microsoft, Alphabet, Amazon and Meta, quarters matched by period end.四大云厂商每季度资本开支，报告口径（物业和设备支出）：Microsoft、Alphabet、亚马逊和 Meta，按期间截止日对齐季度。
+20%
Combined sales of Vertiv, Johnson Controls, Carrier and Trane, Q3 2026, on a year earlier (USD 24.4 bn); +10% in Q2 2026Vertiv、江森自控、开利、Trane 四家 Q3 2026 合计销售额同比（244 亿美元）；Q2 2026 为 +10%
9.4GW
AI data-centre IT power added in the four quarters to Q3 2026 at the sites Epoch AI tracks; 3.3 GW in the four quarters before截至 Q3 2026 的四个季度，Epoch AI 跟踪站点新增的 AI 数据中心 IT 功率；之前四个季度为 3.3 GW
Stage 1: macro and funding第 1 段：宏观与资金
US private construction, USD bn, seasonally adjusted annual rate; 2026-08 is preliminary (hollow). Building work only, not servers or racks.美国私人建设支出，十亿美元，季节调整年率；2026-08 为初值（空心）。只含建筑工程，不含服务器和机柜。
USD 466 bn4,660 亿美元
AI-related debt issued, January to September 2026, against USD 101 bn a year beforeAI 相关债务发行额，2026 年 1 至 9 月，一年前为 1,010 亿美元Whole industry, Morgan Stanley estimate. About 30% is secured by assets. Hyperscalers account for USD 132 bn of the 2026 total.全行业，摩根士丹利估算。约 30% 有资产担保。其中超大规模云厂商占 2026 年总额的 1,320 亿美元。
USD bn per quarter, from the companies' own filings; grey bars: operating cash flow; line: capex; % = capex ÷ operating cash flow.每季度十亿美元，来自公司自己的文件；灰柱：经营现金流；折线：资本开支；% = 资本开支 ÷ 经营现金流。
Stage 2: AI use第 2 段：AI 使用
Google tokens per monthGoogle 每月 token
As disclosed; log scale; points not joined; hollow = "over" or "roughly"按披露；对数坐标；各点不相连；空心 = “超过”或“约”
OpenAI API tokens per minuteOpenAI API 每分钟 token
As disclosed; log scale; points not joined; hollow = "over"按披露；对数坐标；各点不相连；空心 = “超过”
Token figures are each company's own statements at irregular dates. Coverage differs (all Google products, one API platform), so they are never added or compared as levels; compare each company only with its own earlier points.token 数字是各公司在不同时间的自述。覆盖范围不同（Google 全部产品、单一 API 平台），因此不相加，也不比较绝对量；每家只与自己之前的点比较。
Stage 3: investment第 3 段：投资
Q3 2026 capex, USD bn, reported; quarters matched by period end. Microsoft's is its Q1 FY2027.Q3 2026 资本开支，十亿美元，报告口径；按期间截止日对齐季度。Microsoft 为其 Q1 FY2027。
Stage 4: construction第 4 段：建设落地
GW at the 96 AI sites Epoch tracks, built or under construction from 2024, so the line starts near zero by design. Values are estimates; the dashed line is Epoch's projection.Epoch 跟踪的 96 个 AI 站点（2024 年起建成或在建），单位 GW，按此收录规则曲线从接近零起步。数值为估计值；虚线为 Epoch 预测。
Stage 5: forecasts第 5 段：预测
~945TWh
IEA, Energy and AI, 2025-04
~950TWh
IEA, Key Questions on Energy and AI, 2026
Forecasts of global data-centre electricity in 2030, not installed capacity. The estimates for 2024 and 2025, the LBNL US forecasts and the big-four guidance for 2026 capex are in the closing section.对 2030 年全球数据中心用电的预测，不是装机容量。2024 和 2025 年估计值、LBNL 美国预测和四大云厂商 2026 年资本开支指引见文末。
The last leg is orders and sales at the thermal makers.最后一棒是热管理厂商的订单和销售。
Go deeper继续深入
Method方法
Every number comes from the company’s own release or filing. Almost all were extracted twice by independent models, compared by script and checked by a reviewer; a few found by only one model were checked against the source and are marked in the data tables, as are quarters derived from year-to-date totals. The thermal makers’ orders, backlog, margins and growth relay, calculated from these figures, are on the Industry delivery page. Fiscal calendars are aligned by real period dates. Personal research, not investment advice.每个数字都来自公司自己的公告或财报。绝大多数由两个独立模型分别提取、脚本比对并经复核；少数只有一个模型提取到的数值已对照原文核对，并在数据表中标注；由年初至今累计数推算的季度也有标注。热管理厂商的订单、在手订单、利润率和增长接力由这些数据计算，见产业兑现页。不同财年按真实期间日期对齐。个人研究，不构成投资建议。
Long-term debt and leases signed but not yet started长期债务和已签署但尚未开始的租赁
Long-term debt on the balance sheet资产负债表上的长期债务
USD bn, 30 June 2025 (grey) and 30 June 2026; non-current portion十亿美元，2025-06-30（灰）与 2026-06-30；非流动部分
Leases signed but not yet started已签署但尚未开始的租赁
USD bn, a year apart (grey = a year earlier); mostly data centres; off the balance sheet until they start十亿美元，相隔一年（灰 = 一年前）；主要是数据中心；开始前不入资产负债表
Whole industry: AI-related debt issuance全行业：AI 相关债务发行
USD bn, January to September; Morgan Stanley estimate via Wisburg; about 30% secured by assets; hyperscalers USD 132 bn of 2026十亿美元，1–9 月；摩根士丹利估算，经智堡；约 30% 有资产担保；2026 年其中超大规模云厂商 132 十亿美元
Large external financing events, from the companies' own filings大额外部融资事件，来自公司自己的文件14
| Date日期 | Company公司 | Kind类型 | What, as stated内容（按原文） | Source来源 |
|---|---|---|---|---|
| 2025-09-24 | Oracle甲骨文 | Bonds债券 | USD 18.0 bn senior notes180 亿美元优先票据 | filing文件 |
| 2025-10 | MetaMeta | Joint venture合资 | Joint venture with Blue Owl funds for the Richland Parish, Louisiana campus: the investor put in USD 7.0 bn cash for 80%; Meta leases campus properties from 2029, initial commitment about USD 12.3 bn over four years与 Blue Owl 旗下基金就路易斯安那州 Richland Parish 园区合资：投资方出资 70 亿美元现金占 80%；Meta 自 2029 年起租用园区物业，初始租赁承诺约 123 亿美元、为期四年 | filing文件 |
| 2025-10-30 | MetaMeta | Bonds债券 | USD 30.0 bn senior notes300 亿美元优先票据 | filing文件 |
| 2025-11-03 | AlphabetAlphabet | Bonds债券 | USD 17.5 bn notes, with EUR 6.5 bn notes175 亿美元票据，另有 65 亿欧元票据 | filing文件 |
| 2025-11-19 | Amazon亚马逊 | Bonds债券 | USD 15.0 bn notes (sum of tranches)150 亿美元票据（各期之和） | filing文件 |
| 2026-02-02 | Oracle甲骨文 | Bonds and equity债券与股权 | USD 25.0 bn senior notes, mandatory convertible preferred (net about USD 5.0 bn) and an at-the-market programme for up to USD 20 bn of common stock250 亿美元优先票据、强制可转换优先股（净额约 50 亿美元）及最高 200 亿美元普通股的市价发行计划 | filing文件 |
| 2026-02-09 | AlphabetAlphabet | Bonds债券 | USD 20.0 bn notes, with GBP 5.5 bn notes (one tranche due 2126)200 亿美元票据，另有 55 亿英镑票据（其中一期 2126 年到期） | filing文件 |
| 2026-03-12 | Amazon亚马逊 | Bonds债券 | USD 37.0 bn notes (sum of tranches), with EUR 14.5 bn notes370 亿美元票据（各期之和），另有 145 亿欧元票据 | filing文件 |
| 2026-04-30 | MetaMeta | Bonds债券 | USD 25.0 bn senior notes250 亿美元优先票据 | filing文件 |
| 2026-05-05 | AlphabetAlphabet | Bonds债券 | CAD 8.5 bn, EUR 9.0 bn and JPY 576.5 bn notes (net USD 20.3 bn in the quarter)85 亿加元、90 亿欧元和 5,765 亿日元票据（当季净额 203 亿美元） | filing文件 |
| 2026-06-01 | AlphabetAlphabet | Equity股权 | Issued Class A and C stock and mandatory convertible preferred for net USD 49.6 bn, and set up an at-the-market programme to sell up to USD 40 bn of stock over time发行 A 类、C 类股票和强制可转换优先股，净额 496 亿美元；并设立最多 400 亿美元、可分次出售股票的市价发行计划 | filing文件 |
| 2026-06-08 | Amazon亚马逊 | Loan and bonds贷款与债券 | USD 17.5 bn delayed-draw term loan facility (could be drawn until 30 September 2026), with CAD 14.0 bn notes the same week175 亿美元延迟提款定期贷款额度（可在 2026 年 9 月 30 日前提款），同周另有 140 亿加元票据 | filing文件 |
| 2026-07-08 | Amazon亚马逊 | Bonds债券 | USD 25.0 bn notes (sum of tranches)250 亿美元票据（各期之和） | filing文件 |
| 2026-08-06 | AlphabetAlphabet | Bonds债券 | USD 25.0 bn notes250 亿美元票据 | filing文件 |
Forecasts by report, and the big-four guidance for 2026 capex各报告的预测，以及四大云厂商 2026 年资本开支指引
Data-centre electricity forecasts数据中心用电预测
TWh per year, by report; hollow and dashed = forecast; ranges as published每年 TWh，按报告；空心与虚线 = 预测；区间按原文
Big-four guidance for 2026 capex四大云厂商 2026 年资本开支指引
USD bn, each statement in order; guidance drawn hollow; definitions differ, so they are not added. * Microsoft: lease reclassification, plan unchanged十亿美元，按每次表述排列；指引画成空心；口径不同，不相加。* Microsoft：租赁重分类，计划不变
Database view: every value on this page数据库视图：本页使用的全部数值181 rows181 行
Showing显示 181Epoch AI and IEA material is used under CC BY 4.0 (creativecommons.org/licenses/by/4.0); the quarterly data-centre power totals are this site's sums of Epoch's site timelines.Epoch AI 与 IEA 资料按 CC BY 4.0（creativecommons.org/licenses/by/4.0）使用；数据中心功率的季度合计为本站对 Epoch 站点时间线的求和。
| Company or stage公司或阶段 | Metric or series指标或序列 | Period期间 | Value数值 | Unit单位 | Basis口径 | Source来源 |
|---|---|---|---|---|---|---|
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-01 | 15,589 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-02 | 17,920 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-03 | 18,015 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-04 | 17,943 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-05 | 18,232 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-06 | 18,735 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-07 | 19,641 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-08 | 20,498 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-09 | 21,285 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-10 | 23,720 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-11 | 23,864 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2023-12 | 24,238 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-01 | 26,412 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-02 | 28,319 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-03 | 30,172 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-04 | 28,069 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-05 | 32,271 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-06 | 35,304 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-07 | 36,124 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-08 | 36,668 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-09 | 37,576 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-10 | 40,048 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-11 | 40,951 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2024-12 | 44,703 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-01 | 45,341 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-02 | 46,409 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-03 | 46,593 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-04 | 52,818 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-05 | 48,210 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-06 | 46,850 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-07 | 47,810 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-08 | 49,052 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-09 | 50,700 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-10 | 54,260 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-11 | 53,043 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2025-12 | 55,461 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-01 | 56,211 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-02 | 57,361 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-03 | 58,121 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-04 | 61,859 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-05 | 65,688 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | as published已公布 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-06 | 72,695 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | revised修订值 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-07 | 79,007 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | revised修订值 | link链接 |
| 1. Macro and funding1. 宏观与资金 | US private construction spending: data centres美国私人建设支出：数据中心 | 2026-08 | 84,950 | USD million, seasonally adjusted annual rate百万美元，季节调整年率 | preliminary初值 | link链接 |
| 2. AI use2. AI 使用 | Tokens processed per month across Google's surfacesGoogle 各产品每月处理的 token | 2024-05 | 9.7 trillion9.7 万亿 | tokens per monthtoken/月 | Company statement, published 2026-05-19公司表述，2026-05-19 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens processed per month across Google's surfacesGoogle 各产品每月处理的 token | 2025-05 | roughly 480 trillion约480 万亿 | tokens per monthtoken/月 | Company statement, published 2026-05-19公司表述，2026-05-19 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens processed per month across Google's surfacesGoogle 各产品每月处理的 token | 2025-07 | 980 trillion980 万亿 | tokens per monthtoken/月 | Company statement, published 2025-10-29公司表述，2025-10-29 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens processed per month across Google's surfacesGoogle 各产品每月处理的 token | 2025-10 | over 1,300 trillion超过1,300 万亿 | tokens per monthtoken/月 | Company statement, published 2025-10-29公司表述，2025-10-29 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens processed per month across Google's surfacesGoogle 各产品每月处理的 token | 2026-05 | over 3,200 trillion超过3,200 万亿 | tokens per monthtoken/月 | Company statement, published 2026-05-19公司表述，2026-05-19 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens per minute through Google's model APIs (direct customer use)Google 模型 API 每分钟处理的 token（客户直接调用） | 2025-10 | 7 billion70 亿 | tokens per minutetoken/分钟 | Company statement, published 2025-10-29公司表述，2025-10-29 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens per minute through Google's model APIs (direct customer use)Google 模型 API 每分钟处理的 token（客户直接调用） | 2026-05 | roughly 19 billion约190 亿 | tokens per minutetoken/分钟 | Company statement, published 2026-05-19公司表述，2026-05-19 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens per minute through Google's model APIs (direct customer use)Google 模型 API 每分钟处理的 token（客户直接调用） | 2026-07 | approximately 22 billion约220 亿 | tokens per minutetoken/分钟 | Company statement, published 2026-07-22公司表述，2026-07-22 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens per minute through Google's model APIs (direct customer use)Google 模型 API 每分钟处理的 token（客户直接调用） | 2026-10 | nearly 32 billion近320 亿 | tokens per minutetoken/分钟 | Company statement, published 2026-10-28公司表述，2026-10-28 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens per minute on OpenAI's API platformOpenAI API 平台每分钟处理的 token | 2025-10 | 6 billion60 亿 | tokens per minutetoken/分钟 | Company statement, published 2025-10-06公司表述，2025-10-06 发布 | link链接 |
| 2. AI use2. AI 使用 | Tokens per minute on OpenAI's API platformOpenAI API 平台每分钟处理的 token | 2026-03 | over 15 billion超过150 亿 | tokens per minutetoken/分钟 | Company statement, published 2026-03-31公司表述，2026-03-31 发布 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q4 2024 | 72.34 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q1 2025 | 71.90 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q2 2025 | 88.25 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q3 2025 | 97.27 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q4 2025 | 118.63 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q1 2026 | 129.75 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q2 2026 | 165.05 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 3. Investment3. 投资 | Big-four cloud capex (sum of the four reported figures)四大云厂商资本开支（四家报告值之和） | Q3 2026 | 201.92 | USD bn per quarter十亿美元/季度 | Reported; quarters matched by period end报告口径；按期间截止日对齐季度 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2024-03-31 | 534 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2024-06-30 | 935 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2024-09-30 | 1,381 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2024-12-31 | 2,015 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2025-03-31 | 2,688 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2025-06-30 | 3,948 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2025-09-30 | 4,667 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2025-12-31 | 6,789 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2026-03-31 | 8,447 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2026-06-30 | 12,200 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2026-09-30 | 14,054 | MW | Epoch estimateEpoch 估计 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2026-12-31 | 17,052 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2027-03-31 | 19,311 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2027-06-30 | 20,299 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2027-09-30 | 22,274 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2027-12-31 | 24,998 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2028-03-31 | 30,296 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2028-06-30 | 32,299 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2028-09-30 | 33,259 | MW | Epoch projectionEpoch 预测 | link链接 |
| 4. Construction4. 建设落地 | IT power in operation, tracked sites跟踪站点投运 IT 功率 | 2028-12-31 | 38,176 | MW | Epoch projectionEpoch 预测 | link链接 |
| Key number: thermal makers' combined sales关键数字：热管理厂商合计销售 | Combined sales of Vertiv, Johnson Controls, Carrier and Trane, year on yearVertiv、江森自控、开利、Trane 合计销售额同比 | Q4 2025 | +4.86 | % | Reported, company-wide; calculated from the four sales figures报告口径，全公司；由四家销售额计算 | link链接 |
| Key number: thermal makers' combined sales关键数字：热管理厂商合计销售 | Combined sales of Vertiv, Johnson Controls, Carrier and Trane, year on yearVertiv、江森自控、开利、Trane 合计销售额同比 | Q1 2026 | +8.42 | % | Reported, company-wide; calculated from the four sales figures报告口径，全公司；由四家销售额计算 | link链接 |
| Key number: thermal makers' combined sales关键数字：热管理厂商合计销售 | Combined sales of Vertiv, Johnson Controls, Carrier and Trane, year on yearVertiv、江森自控、开利、Trane 合计销售额同比 | Q2 2026 | +9.94 | % | Reported, company-wide; calculated from the four sales figures报告口径，全公司；由四家销售额计算 | link链接 |
| Key number: thermal makers' combined sales关键数字：热管理厂商合计销售 | Combined sales of Vertiv, Johnson Controls, Carrier and Trane, year on yearVertiv、江森自控、开利、Trane 合计销售额同比 | Q3 2026 | +19.62 | % | Reported, company-wide; calculated from the four sales figures报告口径，全公司；由四家销售额计算 | link链接 |
| 5. Forecasts5. 预测 | IEA, Energy and AI (2025-04): Global data centres, Base CaseIEA《Energy and AI》（2025-04）：全球数据中心，基准情景 | 2024 | 415 | TWh | estimate估计 | link链接 |
| 5. Forecasts5. 预测 | IEA, Energy and AI (2025-04): Global data centres, Base CaseIEA《Energy and AI》（2025-04）：全球数据中心，基准情景 | 2030 | ~945 | TWh | forecast预测 | link链接 |
| 5. Forecasts5. 预测 | IEA, Energy and AI (2025-04): Global data centres, Base CaseIEA《Energy and AI》（2025-04）：全球数据中心，基准情景 | 2035 | ~1,200 | TWh | forecast预测 | link链接 |
| 5. Forecasts5. 预测 | IEA, Key Questions on Energy and AI (2026): Global data centresIEA《Key Questions on Energy and AI》（2026）：全球数据中心 | 2025 | 485 | TWh | estimate估计 | link链接 |
| 5. Forecasts5. 预测 | IEA, Key Questions on Energy and AI (2026): Global data centresIEA《Key Questions on Energy and AI》（2026）：全球数据中心 | 2030 | 950 | TWh | forecast预测 | link链接 |
| 5. Forecasts5. 预测 | Lawrence Berkeley National Laboratory, 2024 United States Data Center Energy Usage Report (2024-12): US data centresLawrence Berkeley National Laboratory《2024 United States Data Center Energy Usage Report》（2024-12）：美国数据中心 | 2028 | 325–580 | TWh | forecast预测 | link链接 |
| 5. Forecasts5. 预测 | Lawrence Berkeley National Laboratory, United States Data Center Energy Usage Report: 2025 Update (2026-06): US data centresLawrence Berkeley National Laboratory《United States Data Center Energy Usage Report: 2025 Update》（2026-06）：美国数据中心 | 2030 | 649 | TWh | forecast预测 | link链接 |
| 5. Forecasts5. 预测 | Alphabet: 2026 capex guidanceAlphabet：2026 年资本开支指引 | 2026-02-04 | 175–185 | USD bn十亿美元 | Company statement公司表述 | link链接 |
| 5. Forecasts5. 预测 | Alphabet: 2026 capex guidanceAlphabet：2026 年资本开支指引 | 2026-04-29 | 180–190 | USD bn十亿美元 | now includes the Intersect acquisition纳入 Intersect 收购 | link链接 |
| 5. Forecasts5. 预测 | Alphabet: 2026 capex guidanceAlphabet：2026 年资本开支指引 | 2026-07-22 | 195–205 | USD bn十亿美元 | faster delivery of capacity to meet demand加快交付容量以满足需求 | link链接 |
| 5. Forecasts5. 预测 | Meta: 2026 capex guidance (includes principal payments on finance leases)Meta：2026 年资本开支指引（含融资租赁本金支付） | 2026-01-28 | 115–135 | USD bn十亿美元 | Company statement公司表述 | link链接 |
| 5. Forecasts5. 预测 | Meta: 2026 capex guidance (includes principal payments on finance leases)Meta：2026 年资本开支指引（含融资租赁本金支付） | 2026-04-29 | 125–145 | USD bn十亿美元 | Company statement公司表述 | link链接 |
| 5. Forecasts5. 预测 | Meta: 2026 capex guidance (includes principal payments on finance leases)Meta：2026 年资本开支指引（含融资租赁本金支付） | 2026-07-29 | 130–145 | USD bn十亿美元 | range narrowed (low end raised)区间收窄（下限上调） | link链接 |
| 5. Forecasts5. 预测 | Meta: 2026 capex guidanceMeta：2026 年资本开支指引 | 2026-10-21 | 135–145 | USD bn十亿美元 | range narrowed (low end raised)区间收窄（下限上调） | link链接 |
| 5. Forecasts5. 预测 | Amazon: 2026 capex guidanceAmazon：2026 年资本开支指引 | 2026-02-05 | about 200约200 | USD bn十亿美元 | Later calls (April and July 2026) are published as audio only; any update there is not verified and not shown.之后的电话会（2026 年 4 月、7 月）只有音频；其中的更新未核实，不显示。 | link链接 |
| 5. Forecasts5. 预测 | Amazon: 2026 capex guidanceAmazon：2026 年资本开支指引 | 2026-10-29 | approximately 220约220 | USD bn十亿美元 | "Continue to expect" refers to calls published as audio only; this release is the first written source for USD 220 bn found here."继续预计"指的是只有音频的电话会；本公告是这里找到的第一个写明 2,200 亿美元的书面来源。 | link链接 |
| 5. Forecasts5. 预测 | Microsoft: 2026 capex guidanceMicrosoft：2026 年资本开支指引 | 2026-04-29 | roughly 190约190 | USD bn十亿美元 | Includes about USD 25 bn from higher component prices; Microsoft gave its first calendar-2026 figure on this call.含约 250 亿美元的元器件涨价影响；这是 Microsoft 首次给出 2026 日历年数字。 | link链接 |
| 5. Forecasts5. 预测 | Microsoft: 2026 capex guidanceMicrosoft：2026 年资本开支指引 | 2026-07-29 | approximately 175约175 | USD bn十亿美元 | lease reclassification, plan unchanged租赁重分类，计划不变 | link链接 |
| 5. Forecasts5. 预测 | Microsoft: 2026 capex guidanceMicrosoft：2026 年资本开支指引 | 2026-10-28 | approximately 170约170 | USD bn十亿美元 | Lowered from about USD 175 bn; Microsoft attributes it to delays in third-party capacity.由约 1,750 亿美元下调；Microsoft 称原因是第三方算力交付延迟。 | link链接 |
| Microsoft | capex | Q2 2025 | 15,804 | million USD | reported | link链接 |
| Alphabet | capex | Q4 2024 | 14,276 | million USD | reported | link链接 |
| Amazon | capex | Q4 2024 | 27,834 | million USD | reported | link链接 |
| Meta | capex | Q4 2024 | 14,425 | million USD | reported | link链接 |
| Microsoft | capex | Q3 2025 | 16,745 | million USD | reported | link链接 |
| Alphabet | capex | Q1 2025 | 17,197 | million USD | reported | link链接 |
| Amazon | capex | Q1 2025 | 25,019 | million USD | reported | link链接 |
| Meta | capex | Q1 2025 | 12,941 | million USD | reported | link链接 |
| Microsoft | capex | Q4 2025 | 17,079 | million USD | reported | link链接 |
| Alphabet | capex | Q2 2025 | 22,446 | million USD | reported | link链接 |
| Amazon | capex | Q2 2025 | 32,183 | million USD | reported | link链接 |
| Meta | capex | Q2 2025 | 16,538 | million USD | reported | link链接 |
| Microsoft | capex | Q1 2026 | 19,394 | million USD | reported | link链接 |
| Alphabet | capex | Q3 2025 | 23,953 | million USD | reported | link链接 |
| Amazon | capex | Q3 2025 | 35,095 | million USD | reported | link链接 |
| Meta | capex | Q3 2025 | 18,829 | million USD | reported | link链接 |
| Microsoft | capex | Q2 2026 | 29,876 | million USD | reported | link链接 |
| Alphabet | capex | Q4 2025 | 27,851 | million USD | reported | link链接 |
| Amazon | capex | Q4 2025 | 39,522 | million USD | reported | link链接 |
| Meta | capex | Q4 2025 | 21,383 | million USD | reported | link链接 |
| Microsoft | capex | Q3 2026 | 30,876 | million USD | reported | link链接 |
| Alphabet | capex | Q1 2026 | 35,674 | million USD | reported | link链接 |
| Amazon | capex | Q1 2026 | 44,203 | million USD | reported | link链接 |
| Meta | capex | Q1 2026 | 18,997 | million USD | reported | link链接 |
| Microsoft | capex | Q4 FY2026 | 35,802 | million USD | reported | link链接 |
| Alphabet | capex | Q2 2026 | 44,924 | million USD | reported | link链接 |
| Amazon | capex | Q2 2026 | 54,208 | million USD | reported | link链接 |
| Meta | capex | Q2 2026 | 30,116 | million USD | reported | link链接 |
| Microsoft | capex | Q1 FY2027 | 39,367 | million USD | reported | link链接 |
| Alphabet | capex | Q3 2026 | 51,355 | million USD | reported | link链接 |
| Amazon | capex | Q3 2026 | 77,259 | million USD | reported | link链接 |
| Meta | capex | Q3 2026 | 33,942 | million USD | reported | link链接 |
| Vertiv | revenue | Q4 2024 | 2,346.4 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q1 2025 | 5,426 | million USD | reported | link链接 |
| Carrier | revenue | Q4 2024 | 5,148 | million USD | reported | link链接 |
| Trane | revenue | Q4 2024 | 4,874 | million USD | reported | link链接 |
| Vertiv | revenue | Q1 2025 | 2,036 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q2 2025 | 5,676 | million USD | reported | link链接 |
| Carrier | revenue | Q1 2025 | 5,218 | million USD | reported | link链接 |
| Trane | revenue | Q1 2025 | 4,688.5 | million USD | reported | link链接 |
| Vertiv | revenue | Q2 2025 | 2,638.1 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q3 2025 | 6,052 | million USD | reported | link链接 |
| Carrier | revenue | Q2 2025 | 6,113 | million USD | reported | link链接 |
| Trane | revenue | Q2 2025 | 5,746.4 | million USD | reported | link链接 |
| Vertiv | revenue | Q3 2025 | 2,675.8 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q4 2025 | 6,442 | million USD | reported | link链接 |
| Carrier | revenue | Q3 2025 | 5,579 | million USD | reported | link链接 |
| Trane | revenue | Q3 2025 | 5,742.5 | million USD | reported | link链接 |
| Vertiv | revenue | Q4 2025 | 2,880 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q1 2026 | 5,797 | million USD | reported | link链接 |
| Carrier | revenue | Q4 2025 | 4,837 | million USD | reported | link链接 |
| Trane | revenue | Q4 2025 | 5,144.5 | million USD | reported | link链接 |
| Vertiv | revenue | Q1 2026 | 2,649.5 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q2 2026 | 6,142 | million USD | reported | link链接 |
| Carrier | revenue | Q1 2026 | 5,341 | million USD | reported | link链接 |
| Trane | revenue | Q1 2026 | 4,969.4 | million USD | reported | link链接 |
| Vertiv | revenue | Q2 2026 | 3,274 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q3 2026 | 6,614 | million USD | reported | link链接 |
| Carrier | revenue | Q2 2026 | 6,351 | million USD | reported | link链接 |
| Trane | revenue | Q2 2026 | 6,353.5 | million USD | reported | link链接 |
| Vertiv | revenue | Q3 2026 | 4,313 | million USD | reported | link链接 |
| Johnson Controls | revenue | Q4 2026 | 7,113 | million USD | reported | link链接 |
| Carrier | revenue | Q3 2026 | 6,263 | million USD | reported | link链接 |
| Trane | revenue | Q3 2026 | 6,759.7 | million USD | reported | link链接 |
| Oracle | capex | Q1 2027 | 28,499 | million USD | reported | link链接 |
| Alphabet | capex | Q3 2024 | 13,061 | million USD | reported | link链接 |
| Amazon | capex | Q3 2024 | 22,620 | million USD | reported | link链接 |
| Meta | capex | Q3 2024 | 8,258 | million USD | reported | link链接 |
| Microsoft | capex | Q1 2025 | 14,923 | million USD | reported | link链接 |
| Oracle | capex | Q1 2026 | 8,502 | million USD | reported | link链接 |
| Oracle | capex | Q2 FY2026 | 12,033 | million USD | reported | link链接 |
| Oracle | capex | Q3 FY2026 | 18,635 | million USD | reported | link链接 |
| Oracle | capex | Q3 FY2025 | 5,862 | million USD | reported | link链接 |
| Oracle | capex | Q4 FY2026 | 16,493 | million USD | reported | link链接 |
| Oracle | capex | Q4 FY2025 | 9,080 | million USD | reported | link链接 |