Capex Arms Race: How Tech Giants Are Betting Billions on AI

The tech world is witnessing an unprecedented shift in spending priorities. Major corporations are pouring record-breaking capital into infrastructure, compute capacity, and AI systems—signaling that the era of lean operations is over. This capex surge reflects a fundamental belief: whoever controls AI infrastructure controls the future.

Tesla’s $20 Billion Gamble on Autonomy

Tesla is leading this spending wave with its most aggressive capital plan ever. The company plans to spend more than $20 billion in 2026 alone—more than double its $8.5 billion spend last year and significantly exceeding the previous peak of $11.3 billion in 2024. Elon Musk has been clear: Tesla is no longer just an automaker. It’s betting its future on artificial intelligence, robotics, and autonomous systems.

The capex will fund six major facilities—including factories for refinery operations, LFP battery production, the CyberCab autonomous vehicle, the Semi truck, a new megafactory, and Optimus robot manufacturing. Beyond physical infrastructure, Tesla is channeling massive resources into AI compute systems, a critical requirement for scaling full self-driving capabilities, robotaxi fleets, and robot production.

The capital spending also supports Tesla’s pivot toward growing its robotaxi business and ramping up Optimus production—moves that signal the company’s ambition to transcend traditional automotive manufacturing entirely.

Meta and Nebius: The Capex Competition Heats Up

Tesla isn’t alone in this spending frenzy. Meta Platforms is ramping up its capex to $115–$135 billion in 2026, more than triple its 2024 spending. The social media and AI giant is directing this capital toward expanding data center infrastructure, advanced compute capabilities, and its newly established Meta Superintelligence Labs.

Nebius, an emerging AI infrastructure provider, is equally aggressive. The company recently increased its capex guidance from $2 billion to $5 billion for 2025, with plans to secure critical power supplies, land, and hardware early. This rapid buildup will enable massive data center deployment and large-scale GPU infrastructure rollout.

Why Capex Became the New Currency

The capex explosion reflects a simple reality: AI and autonomous systems require massive computational infrastructure. Data centers, GPUs, and specialized chips are no longer optional—they’re existential requirements for staying competitive. Companies across the industry are racing to secure physical infrastructure, compute power, and cutting-edge hardware before competitors do.

Tesla, with nearly $44 billion in cash and equivalents, has the financial firepower to fund its ambitions. The same applies to Meta and Nebius. What was once considered aggressive capital spending now looks like table stakes in the AI era. The companies betting big on capex today are positioning themselves to dominate the next decade of technology.

This trend extends far beyond these three players. Across the spectrum, tech giants are ramping up capex investments to secure long-term positions in AI infrastructure, autonomous systems, and computing power. The message is clear: in the age of AI, capital expenditure isn’t just an expense—it’s a strategic weapon.