GW-proxy caveat: Microsoft does not disclose data-center MW/GW capacity.
This chart plots USD billions quarterly capex actuals (SEC cash-flow additions to PPE)
vs implied full-year FY2026 capex guidance vintages applied as-of each quarter
(original ~$77.5B from FY2025-FQ4; latest ~$96.8B from FY2026-FQ1).
FY2024-FQ4 is shown as a separate annual anchor (diamond), not on the quarterly line.
Not convertible to GW without undisclosed assumptions.
Microsoft (MSFT) — Infrastructure Spend Proxy: Actual vs Guidance
Capex actual (quarterly proxy)FY2024 full-year actual (annual anchor)Latest FY2026 capex guidance vintage (as-of)Original FY2026 capex guidance (~$77.5B, from FY2025-FQ4)