Platformonomics: Q4 CAPEX Insights and Company Trends

The four hyperCAPEX companies spent $128 billion on CAPEX in Q4, up 12% from Q3 and up 65% from a year ago.There is CAPEX, and there is HyperCAPEX.Amazon CAPEX – Q4 2025 Corporate CAPEX in Q4 was $40.47 billion, up 12% from Q3 and 61% from a year ago (including finance leases). Total CAPEX for 2025 was $134.74 billion (including finance leases).AWS CAPEX was $31.7 billion for the quarter (including finance leases), up 12% from Q3 and 55% from last year, so about 78% of the company’s overall CAPEX (turns out ...