Capex · Capital Expenditure
Up-front spending on long-lived assets like buildings, power gear and GPUs, depreciated over their useful life.
Current numbers
~$1.5T lifetime per capex-yearSequoia's annual revenue gap to justify capex (Cahn); widening, not closing, in 2026
>$3T by 2030Dell'Oro forecast: 2030 worldwide data-center capex outlook — nearly 2× its January 2026 forecast
more than $1TDell'Oro June 2026 full-year outlook for worldwide data-center infrastructure capex; forecast under its stated taxonomy