How Much Is $646 Billion?

Apollo Chief Economist

The amount of money being spent on capex by hyperscalers is enormous at around $646 billion in 2026.

The charts in this chart book put that number into perspective.

Specifically:

  1. Hyperscaler capex is expected in 2026 to be at approximately $646 billion, or about 2% of US GDP.
  2. For comparison, annual growth in consumer spending is currently around $1 trillion.
  3. US hyperscaler capex at $646 billion is roughly equivalent to the size of GDP for Singapore, Sweden and Argentina.
  4. For comparison, total US bank loan growth in 2025 was around $700 billion.
  5. For comparison, defense spending in 2025 was at $917 billion.
  6. Hyperscaler capex is more than the combined military spending of Germany, France, UK, Japan, Italy and Canada.
  7. Hyperscaler capex is roughly the same size as the market cap of the stock markets in Belgium, Denmark and Indonesia.
Hyperscaler capital expenditures expected to be $646 billion in 2026
Sources: FactSet, Apollo Chief Economist

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