How Much Is $646 Billion? | Feb 22, 2026 | The Daily Spark | Apollo

Apollo: 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:

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