Development

One customer is 45% of a hyperscaler's cloud backlog

development2026-01-29

Claim

Microsoft's quarterly capital expenditure reached $37.5 billion, up 66% year over year, with 45% of its $625 billion cloud backlog attributed to OpenAI alone, while Meta projected 2026 capex of $115 to $135 billion.

Reported metric: $37.5B / 45%

Reporting date: 2026-01-29 (not necessarily the event date)

Sources

Attribution and reporting linked by this record; links do not imply independent verification.

Welcome to January 29, 2026 (theinnermostloop.substack.com)

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Reported in

Welcome to January 29, 2026

Actor

Evidence for

Supersedes

AI capex reaches 1.9% of US GDP

Referenced by

Welcome to January 29, 2026

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One customer is 45% of a hyperscaler's cloud backlog
Innermost Loop KB — secondary record
Reporting date: 2026-01-29
KB permalink: https://nicholsn.github.io/innermost-loop-kb/developments/2026-01-29-microsoft-capex-375b
Claim: Microsoft's quarterly capital expenditure reached $37.5 billion, up 66% year over year, with 45% of its $625 billion cloud backlog attributed to OpenAI alone, while Meta projected 2026 capex of $115 to $135 billion.
Attributed sources:
- Welcome to January 29, 2026 — https://theinnermostloop.substack.com/p/welcome-to-january-29-2026
This citation does not imply independent verification of linked-source claims.

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