Platformonomics: Q4 CAPEX Insights and Company Trends

Core Insights - The four hyperCAPEX companies spent $128 billion on CAPEX in Q4, marking a 12% increase from Q3 and a 65% increase year-over-year [1] - Corporate CAPEX in Q4 reached $40.47 billion, up 12% from Q3 and 61% from the previous year, with total CAPEX for 2025 at $134.74 billion [4] - AWS CAPEX for Q4 was $31.7 billion, representing 78% of Amazon's overall CAPEX, and increased by 12% from Q3 and 55% year-over-year [4] - AWS's total CAPEX for 2025 was $96.5 billion, accounting for 68% of Amazon's overall CAPEX spend [4] - Amazon plans to invest approximately $200 billion in capital expenditures, primarily in AWS, due to high demand [5] - In 2025, AWS added more data center capacity than any other company globally [5] - Over the last twelve months, AWS added 3.99 gigawatts of power, which is double the capacity added in 2022 [7] - AWS expects to double its power capacity again by 2027, having added 1.2 gigawatts in Q4 alone [7] - The operating cash flow for 2025 is projected at $139.5 billion, with a CAPEX forecast of $200 billion for 2026 [8]