With both series normalized at 100 at the end of 2011, the five-company chart shows a capital-expenditure reading just under 6,800 by June 30, 2026; the capex measure had risen faster than free cash flow.
The chart combines quarterly figures for the five companies into cumulative series for capital expenditures and free cash flow. The common reference date is Dec. 31, 2011, when each series was set at 100. Although the underlying figures are measured in millions of dollars, the near-6,800 value is an index reading rather than a cash amount.
A July FactSet estimate put hyperscaler capital spending for 2026 near $800 billion. FactSet said the outlays were squeezing free cash flow and increasing companies’ reliance on outside financing. The estimate gives a dollar projection for one year, while the chart tracks growth against an earlier base. EconoTimes previously covered the estimate and financing pressure.
