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Hyperscaler Capex and U.S. Electricity Demand
Capital spending of the largest cloud and AI companies, trailing twelve months, and U.S. electricity demand growth over twelve months
Hyperscaler capex, $ billions · Continuation · the recent trend, flattening · 1 year
U.S. electricity demand, % change · Continuation · the recent trend, flattening · 30 days
Dashed: the projection from the latest reading. Shaded: the range about two in three outcomes land in. A projection, not a promise.
Capex of Microsoft, Alphabet, Meta and Amazon from their SEC filings. Demand from EIA Form EIA-930, Lower 48, each twelve months against the twelve before. Weather moves the demand line by about a point either way.
The money and the power. Data center spending runs ahead of the load it creates: buildings and chips are bought a year or two before the servers draw power. Read the panels together to see whether demand is following the capex.
What this chart reads
- Hyperscaler capex — Microsoft, Alphabet, Meta, Amazon (trailing 12 months)as “Hyperscaler capex, $ billions”latest 2026-06-30
- U.S. Electricity Demand Growth, 12-Month vs Prior Year (%)as “U.S. electricity demand, % change”latest 2026-09-01
Sources
Hyperscaler capex — Microsoft, Alphabet, Meta, Amazon (trailing 12 months). Source: Palanor reads quarterly and annual XBRL filings from SEC EDGAR, a public-domain database. The series sums cash payments to acquire property, plant and equipment as reported under US GAAP by each of the four companies.
U.S. Electricity Demand Growth, 12-Month vs Prior Year (%). Source: U.S. Energy Information Administration, Hourly Electric Grid Monitor (Form EIA-930), six-month bulk files (eia.gov/electricity/gridmonitor). EIA data are U.S. government works in the public domain; EIA asks that it be credited as the source. Refreshed daily.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.