Alphabet, Amazon and Meta lined up about $325 billion of new debt and equity in 2026, by our arithmetic from their filings: $147.2 billion at Alphabet, $115.1 billion at Amazon and $62.4 billion at Meta.
In the quarter to 30 September, each of the three spent more on property and equipment than it generated from operations, by our arithmetic: about 1.8 times at Amazon, 121% at Alphabet and about 104% at Meta. Microsoft, at 68%, filed for its first US bond sale since 2017 the day after its results.
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The key insight: By our arithmetic, Alphabet, Amazon and Meta lined up about $325 billion of new debt and equity in 2026, equal to between about 45% and 74% of each company’s 2026 capex guide.
Alphabet’s cash flow statement lists $85.2 billion of proceeds from issuing debt, net of costs, $42.9 billion from issuing common stock and $19.1 billion from mandatory convertible preferred stock in the first nine months of 2026, as covered in our piece on Alphabet’s $147 billion. The three lines sum to $147.2 billion.
Amazon’s third-quarter release lists $115,100 million of proceeds from long-term debt in the first nine months of 2026, $48,102 million of it in the third quarter, as covered in our piece on Amazon’s $48.1 billion of borrowing. Its financing section shows debt lines and no line for issuing stock.
Meta’s 10-Q for the quarter to 30 September lists $24,910 million of proceeds from long-term debt in the first nine months of 2026. On 26 October it priced a $25.0 billion Class A common stock sale under forward agreements and about $12.5 billion of mandatory convertible preferred stock, as covered in our piece on Meta’s stock sale. By our arithmetic, debt plus the two equity legs comes to about $62.4 billion; Meta expects the cash from the common stock leg when the forward agreements settle, on or before 19 November 2027.
Debt and equity raised or priced in 2026 as a share of each company’s 2026 capital spending guide (midpoint): Alphabet about 74%, Amazon about 52%, Meta about 45%, Microsoft at least about 15%. All shares are our arithmetic. Meta includes equity priced on 26 October whose common-stock cash arrives at forward settlement; Microsoft’s final bond size was not yet filed. Sources: company filings and releases; Bloomberg headline for Microsoft’s minimum size.
How Much of Each Capex Plan That Covers
Each company has guided its 2026 capital spending. Alphabet’s chief financial officer said on its call that the full-year range of “$195-$205 billion remains unchanged”. Amazon’s release says: “We continue to expect 2026 cash capital expenditures to be approximately $220 billion”. Meta said it expects $135 billion to $145 billion.
By our arithmetic, using the midpoints, the money lined up in 2026 equals about 74% of Alphabet’s capex plan, about 52% of Amazon’s and about 45% of Meta’s. Meta’s figure includes equity priced but not yet received in cash.
Microsoft’s chief financial officer, Amy Hood, said on its call that calendar-year spend “should be approximately $170 billion”. A Bloomberg headline put its bond sale at at least $25 billion, as covered in our piece on Microsoft’s first bond sale since 2017; by our arithmetic, that minimum is about 15% of the calendar-year figure. Microsoft had not filed final sizes when this piece was published.
Cash, Debt or Stock
By our arithmetic from the same filings, about 42% of Alphabet’s 2026 total came from stock and preferred stock and about 58% from debt. Amazon’s came from debt. About 60% of Meta’s came from the two equity legs.
Meta said it intends to fund its investments through “a balanced mix of operating cash flow, investment-grade debt, strategic partnerships, and equity capital”. Its long-term debt rose from $58,744 million at the end of 2025 to $80,922 million at 30 September 2026, its 10-Q shows.
Oracle, on its fiscal calendar, completed a $20 billion at-the-market equity sale in its first fiscal quarter of 2027 and capped further capital raises through fiscal 2030 at $20 billion, $10 billion of equity and $10 billion of gross debt, as covered in our piece on Oracle’s free cash flow target. Its free cash flow was negative $23.7 billion in fiscal 2026.
Where the Ratios Stand
Capital spending against operating cash in the quarter to 30 September, by our arithmetic from each cash flow statement: Amazon $77.3 billion against $42.4 billion, about 1.8 times; Alphabet $51.4 billion against $42.3 billion, 121%; Meta $33.9 billion against $32.8 billion, about 104%; Microsoft $39.4 billion against $58.0 billion, 68%, as covered in our piece on capex against operating cash.
As we read the filings, the three companies chose different mixes: by our arithmetic about 58% debt at Alphabet, debt alone at Amazon and about 60% equity at Meta.
By our arithmetic, Microsoft’s reported minimum of $25 billion is about 15% of its roughly $170 billion calendar-year capex figure, a smaller share than at the other three.
As we read the cash flow statements, all three spent more on property and equipment than they generated from operations in the third quarter, while Microsoft spent 68% of its operating cash.
Meta, on how it will fund its investments
“a balanced mix of operating cash flow, investment-grade debt, strategic partnerships, and equity capital”
Three Implications
FOR INVESTORS By our arithmetic, about $325 billion of new debt and equity has been lined up in 2026 by three companies whose third-quarter capital spending exceeded their operating cash.
FOR CREDIT MARKETS Amazon’s 2026 financing came from long-term debt, $115,100 million in nine months, its release shows.
FOR SHAREHOLDERS About 42% of Alphabet’s and about 60% of Meta’s 2026 totals came from stock or preferred stock, by our arithmetic.
The framework sets out to map the financing of AI: “How the money flows, where it cracks, what it buys, who can absorb it, and what happens when revenue can’t catch up.”
As we read it, the 2026 filings speak to the “who can absorb it” part: Alphabet, Amazon and Meta each spent more than their operating cash in the third quarter and lined up new debt and equity alongside it. The framework was published in May 2026 and does not discuss these filings.
What Is Not Established
The filings do not say how much of each raise funds AI data centers specifically. Meta’s common stock proceeds arrive on settlement of the forward agreements, and Microsoft’s final bond size was not filed at publication. Totals, shares and ratios are our arithmetic; Oracle’s fiscal year runs to May, so its figures are not added to the 2026 total.
This Week In The AI Supercycle
Execution Fault Lines, Concentrated Demand, and Geopolitical Firewalls
This week’s issue: the AI build is not short of demand for its parts. It is short of cheap money, and its end revenue rests on a narrow base of large, often venture-funded buyers.
By our arithmetic, Alphabet, Amazon and Meta lined up about $325 billion of new debt and equity in 2026, while each spent more on property and equipment in the third quarter than it generated from operations.
A note on sourcing. Figures come from the companies’ filings and releases: Amazon’s third-quarter 2026 earnings release (SEC 8-K Exhibit 99.1), Meta’s 10-Q for the quarter to 30 September 2026, Microsoft’s preliminary prospectus supplement and earnings-call remarks, and Alphabet’s and Oracle’s releases as quoted in our earlier coverage. Microsoft’s minimum bond size is from a Bloomberg headline. Totals, shares and ratios are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
