Alphabet’s capex in 4Q2025 was up 95% from a year ago to US$27.9 billion, with capex for the whole year of 2025 reaching US$91.4 billion.
As GCP’s backlog grows – it was up 55% sequentially to US$240 billion in 4Q2025 – Alphabet’s capex in 2026 is projected to be US$175 billion to US$185 billion, around double from 2025’s level.
Alphabet is seeing broad-based demand for its AI offerings such as its latest Gemini models and Ironwood TPUs.
Despite the sharp increase in capex, Alphabet is driving efficiencies through the proliferation of AI across its business's
Overall, among Alphabet’s AI-powered products and services, 14 products were observed to have annual revenues exceeding US$1 billion, reflecting material adoption of the company’s AI offerings.
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