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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
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.