Technology stocks · Filing-based research

AI infrastructure stocks: capital spending comparison

Compare annual cash purchases of PP&E and, separately, productive assets across AI, semiconductor, power and data-centre companies. Company-wide spending is not AI-only investment.

47 companies with supported annual data. Ordered by company name, not investment merit.

Annual financial comparison

Company / period ended Revenue Cash capex Productive asset purchases Capex / revenue Operating cash flow Free cash flow R&D R&D / revenue
Adobe (ADBE)
Started Nov 30, 2024
$23.77 billion $179 million Not available 0.8% $10.03 billion $9.85 billion Not available Not available
Revenues · 10-K filed
Collected Oct 6, 2026 21:29 UTC
AeroVironment (AVAV)
Started May 1, 2025
$1.98 billion $62.54 million Not available 3.2% -$78.4 million -$140.95 million $127.68 million 6.5%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Alphabet (GOOGL)
Started Jan 1, 2025
$402.84 billion $91.45 billion Not available 22.7% $164.71 billion $73.27 billion $61.09 billion 15.2%
Revenues · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Amazon (AMZN)
Started Jan 1, 2025
$716.92 billion Not available $131.82 billion Not available $139.51 billion Not available Not available Not available
PaymentsToAcquireProductiveAssets · 10-K filed
Collected Oct 6, 2026 21:29 UTC
AMD (AMD)
Started Dec 29, 2024
$34.64 billion $974 million Not available 2.8% $7.71 billion $6.74 billion $8.09 billion 23.4%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Applied Materials (AMAT)
Started Oct 28, 2024
$28.37 billion $2.26 billion Not available 8.0% $7.96 billion $5.7 billion $3.57 billion 12.6%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Arista Networks (ANET)
Started Jan 1, 2025
$9.01 billion Not available $119.5 million Not available $4.37 billion Not available $1.24 billion 13.7%
PaymentsToAcquireProductiveAssets · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
BigBear.ai (BBAI)
Started Jan 1, 2025
$127.67 million $525,000 Not available 0.4% -$41.95 million -$42.48 million $16.75 million 13.1%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Broadcom (AVGO)
Started Nov 4, 2024
$63.89 billion $623 million Not available 1.0% $27.54 billion $26.91 billion $10.98 billion 17.2%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
C3.ai (AI)
Started May 1, 2025
$250.27 million $1.91 million Not available 0.8% -$190.23 million -$192.14 million $229.09 million 91.5%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Ciena (CIEN)
Started Nov 3, 2024
$4.77 billion $140.8 million Not available 3.0% $806.09 million $665.29 million $848.33 million 17.8%
Revenues · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Cisco (CSCO)
Started Jul 27, 2025
$63.33 billion $1.41 billion Not available 2.2% $14.18 billion $12.77 billion $9.56 billion 15.1%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Coherent Corp (COHR)
Started Jul 1, 2025
$7.12 billion $1.1 billion Not available 15.5% $79.51 million -$1.02 billion $722.95 million 10.2%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Core Scientific (CORZ)
Started Jan 1, 2025
$319.02 million $729 million Not available 228.5% $278.25 million -$450.75 million Not available Not available
Revenues · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Dell Technologies (DELL)
Started Feb 1, 2025
$113.54 billion $2.63 billion Not available 2.3% $11.19 billion $8.55 billion $3.14 billion 2.8%
Revenues · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Equinix (EQIX)
Started Jan 1, 2025
$9.22 billion Not available $4.31 billion Not available $3.91 billion Not available Not available Not available
PaymentsToAcquireProductiveAssets · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Hewlett Packard Enterprise (HPE)
Started Nov 1, 2024
$34.3 billion Not available $2.29 billion Not available $2.92 billion Not available $2.52 billion 7.3%
Revenues · 10-K filed
PaymentsToAcquireProductiveAssets · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Intel (INTC)
Started Dec 29, 2024
$52.85 billion $14.65 billion Not available 27.7% $9.7 billion -$4.95 billion $13.77 billion 26.1%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
IonQ (IONQ)
Started Jan 1, 2025
$130.02 million $16.42 million Not available 12.6% -$283.19 million -$299.6 million $305.71 million 235.1%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
KLA (KLAC)
Started Jul 1, 2025
$13.58 billion $375.95 million Not available 2.8% $4.14 billion $3.77 billion $1.53 billion 11.3%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Kratos Defense (KTOS)
Started Dec 30, 2024
$1.35 billion Not available $95.3 million Not available -$42.1 million Not available $40 million 3.0%
PaymentsToAcquireProductiveAssets · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Lam Research (LRCX)
Started Jun 30, 2025
$23.23 billion Not available $966.41 million Not available $5.86 billion Not available $2.38 billion 10.2%
PaymentsToAcquireProductiveAssets · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Lattice Semiconductor (LSCC)
Started Dec 29, 2024
$523.26 million $42.53 million Not available 8.1% $175.11 million $132.58 million $187.98 million 35.9%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Marvell (MRVL)
Started Feb 2, 2025
$8.19 billion $354.1 million Not available 4.3% $1.75 billion $1.4 billion $2.08 billion 25.3%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Meta Platforms (META)
Started Jan 1, 2025
$200.97 billion $69.69 billion Not available 34.7% $115.8 billion $46.11 billion $57.37 billion 28.5%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Microchip Technology (MCHP)
Started Apr 1, 2025
$4.71 billion $91.1 million Not available 1.9% $962.1 million $871 million $1.09 billion 23.0%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Micron (MU)
Started Aug 30, 2024
$37.38 billion $15.86 billion Not available 42.4% $17.53 billion $1.67 billion $3.8 billion 10.2%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Microsoft (MSFT)
Started Jul 1, 2025
$331.84 billion $115.95 billion Not available 34.9% $182.94 billion $66.99 billion $35.56 billion 10.7%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:28 UTC
Monolithic Power Systems (MPWR)
Started Jan 1, 2025
$2.79 billion $172.01 million Not available 6.2% $838.2 million $666.19 million Not available Not available
Collected Oct 6, 2026 21:29 UTC
Nebius Group (NBIS)
Started Jan 1, 2025
$529.8 million $4.07 billion Not available 767.5% $384.8 million -$3.68 billion $177.3 million 33.5%
Revenues · 20-F filed
ResearchAndDevelopmentExpense · 20-F filed
Collected Oct 6, 2026 21:30 UTC
NVIDIA (NVDA)
Started Jan 27, 2025
$215.94 billion Not available $6.04 billion Not available $102.72 billion Not available $18.5 billion 8.6%
Revenues · 10-K filed
PaymentsToAcquireProductiveAssets · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:28 UTC
onsemi (ON)
Started Jan 1, 2025
$6 billion $341.2 million Not available 5.7% $1.76 billion $1.42 billion Not available Not available
Collected Oct 6, 2026 21:30 UTC
Palantir (PLTR)
Started Jan 1, 2025
$4.48 billion $33.88 million Not available 0.8% $2.13 billion $2.1 billion $557.68 million 12.5%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Qualcomm (QCOM)
Started Sep 30, 2024
$44.28 billion Not available $1.19 billion Not available $14.01 billion Not available $9.04 billion 20.4%
Revenues · 10-K filed
PaymentsToAcquireProductiveAssets · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Quantum Computing Inc (QUBT)
Started Jan 1, 2025
$682,000 $6.69 million Not available 980.9% -$30.29 million -$36.98 million $20.47 million 3001.9%
Revenues · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Recursion Pharmaceuticals (RXRX)
Started Jan 1, 2025
$74.68 million $6.47 million Not available 8.7% -$371.81 million -$378.28 million $475.27 million 636.4%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Rigetti Computing (RGTI)
Started Jan 1, 2025
Not available $18.68 million Not available Not available -$58.54 million -$77.22 million $61.35 million Not available
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
ServiceNow (NOW)
Started Jan 1, 2025
$13.28 billion $868 million Not available 6.5% $5.44 billion $4.58 billion $2.96 billion 22.3%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Snowflake (SNOW)
Started Feb 1, 2025
$4.68 billion $101.63 million Not available 2.2% $1.22 billion $1.12 billion $1.97 billion 42.0%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
SoundHound AI (SOUN)
Started Jan 1, 2025
Not available $902,000 Not available Not available -$98.22 million -$99.12 million $98.25 million Not available
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Super Micro (SMCI)
Started Jul 1, 2025
$39.06 billion $162 million Not available 0.4% -$6.81 billion -$6.97 billion $771.23 million 2.0%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Talen Energy (TLN)
Started Jan 1, 2025
$2.52 billion $98 million Not available 3.9% $704 million $606 million Not available Not available
Collected Oct 6, 2026 21:29 UTC
Teradyne (TER)
Started Jan 1, 2025
$3.19 billion $224.01 million Not available 7.0% $674.42 million $450.41 million Not available Not available
Revenues · 10-K filed
Collected Oct 6, 2026 21:29 UTC
UiPath (PATH)
Started Feb 1, 2025
$1.61 billion $19.05 million Not available 1.2% $371.21 million $352.16 million $385.21 million 23.9%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Upstart (UPST)
Started Jan 1, 2025
$1.04 billion $347,000 Not available 0.0% -$147.73 million -$148.07 million $257.6 million 24.7%
Revenues · 10-K filed
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:30 UTC
Vertiv (VRT)
Started Jan 1, 2025
$10.23 billion $220 million Not available 2.2% $2.11 billion $1.89 billion $441.7 million 4.3%
ResearchAndDevelopmentExpense · 10-K filed
Collected Oct 6, 2026 21:29 UTC
Vistra (VST)
Started Jan 1, 2025
$17.59 billion $2.75 billion Not available 15.6% $4.07 billion $1.32 billion Not available Not available
Collected Oct 6, 2026 21:29 UTC
SEC filing data: definitions, coverage and revisions

Source: the SEC Company Facts API, using standard US GAAP facts in USD from annual 10-K, 20-F or 40-F filings and amendments. Periods must span 300-400 days. Quarterly and year-to-date values are not presented as annual totals.

  • Cash capex is cash payments to acquire property, plant and equipment. It excludes broader acquisition or intangible-asset tags and is not total AI spending or an estimate of finance-lease investment.
  • Productive asset purchases are a separately reported, broader cash investment measure. They are shown in their own column and never substituted into PP&E capex, capital intensity or free cash flow. Do not rank mixed definitions as if they were identical.
  • Free cash flow here is operating cash flow minus cash capex. It may differ from a company's adjusted free cash flow definition. If either input is missing, the result is omitted.
  • R&D intensity is reported research and development expense divided by revenue from the same annual reporting period. Operating cash margin and capital intensity use the same-period revenue denominator.
  • Figures are company-wide, not AI-specific or segment-level. Financial years differ, so compare the displayed start and end dates rather than assuming calendar-year alignment.
  • The latest available filing for each supported fact is used, including restated comparative figures. Conflicting values from equally recent reports are omitted. Every figure retains its XBRL tag, accession and filing date.

Company-specific extension tags, IFRS-only data and unsupported definitions are not estimated. Missing standard facts are shown as unavailable, not zero. Data is refreshed in the background; the collection time is separate from the filing date.

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