AI Data Centre Stocks: How Much of the Revenue Is Actually Data Centre?

Amazon, Alphabet, Microsoft and Meta spent $376 billion on property and equipment in 2025. That is their total company spending, not their data centre spending, because none of them splits it out.

Their suppliers report less than that. Of the nine companies covered here, three disclose how much of their revenue comes from data centres. Six give no figure for it. This guide sets out what each one reports, where the spending comes from and what the filings do not say. Chip design and manufacture are covered separately in our semiconductor value chain guide.

The buyers are the four companies above, the ones usually called hyperscalers. Each reports a single line in its cash flow statement for purchases of property and equipment, covering everything it builds or buys.

Chart 1 puts those four lines side by side for calendar 2025. These are total company figures, covering offices, vehicles and retail sites as well as data centres. Amazon spent $131.8 billion, Alphabet $91.4 billion, Microsoft $83.1 billion and Meta $69.7 billion.

Microsoft's figure needs a note. Its fiscal year ends in June, so the calendar-2025 figure here is assembled from its filings. Three quarters come from its quarterly reports, while the June quarter is the annual figure less the nine months before it.

The other three companies report to December.

No filing splits that spending into chips, networks, power and buildings. The data centre share of it is not a published number for any of the four.

The closest any of them comes is Alphabet. Its 2025 annual report states that about 60% of in-service technical infrastructure assets were servers and network equipment, with the rest being land, buildings and related assets. That is a stock of assets on the balance sheet, not a measure of what was spent in the year.

Three companies answer the question in their filings. Six do not.

Chart 2 shows the three that disclose a figure. Nvidia's Data Center end market was 89.7% of revenue. Coherent's Datacenter and Communications segment was 74.1%. AMD's Data Center segment was 48.0%.

Source: company Form 10-K filings; YX Insights

The table gives every company, its total revenue and whatever data centre figure it discloses.

Each of the three disclosed figures carries a caveat from its own filing. Coherent's segment includes its telecom communications business, so it is a ceiling and not a datacom figure. AMD's segment covers server processors, graphics processors and programmable chips, so it is data centre broadly and not artificial intelligence alone.

Nvidia's needs the most care. It reports Data Center revenue by what customers use the product for, which is an end market. It separately reports a Compute and Networking segment, built by product line.

The two come to $193.7 billion and $193.5 billion, close but not interchangeable. This guide uses the end market throughout.

The other six give no data centre revenue figure. Broadcom names custom accelerators and Ethernet switching among its products without revenue for them. Eaton's annual report cites strength in data centre end markets without sizing it.

Credo comes closest. It says active electrical cables at its hyperscale customers drove over 99% of its revenue increase, which is a share of growth, not a level.

Not only the four companies in Chart 1. Nvidia splits its Data Center revenue into two categories. The one named for the largest buyers takes a little over half of it.

Chart 3 covers the quarter to 26 July 2026. Hyperscale was $48,710 million of Data Center revenue. A category Nvidia calls AI Clouds, Industrial and Enterprise was $40,313 million.

So Hyperscale was 54.7% of Nvidia's Data Center revenue that quarter. Just under half went to buyers outside it.

One warning belongs with that figure. Hyperscale is Nvidia's own category, defined nowhere in the filing. The same filing says a company was moved into it during the quarter, with earlier periods restated.

So it cannot be read as the four companies in Chart 1.

Power. Alphabet, Microsoft and Meta all name it in their risk factors. So does Nvidia.

Alphabet writes that its ability to scale technical infrastructure "is increasingly constrained by the availability" of power, water and land. Microsoft warns that limits on power availability "could restrict our ability to develop or expand datacenter capacity". Meta lists "availability of components, power or network capacity" among the things that delay a project.

Nvidia's latest quarterly filing calls the availability of land, power and capital "crucial to support the buildout of a full data center".

That constraint is why the power and cooling suppliers are in this post at all. How much electricity the build consumes is a harder question than it looks.

The US Energy Information Administration (EIA) estimates that servers accounted for about 7% of commercial sector electricity consumption in 2025. That is servers alone, measured against the commercial sector and not against all US electricity. Cooling and other support loads sit outside it.

The EIA does not yet measure the rest. In March 2026 it launched pilot field studies to find out, identifying 196 companies running data centres across Texas, Washington state and the Northern Virginia region around the capital. Until those studies report, there is no survey-based national figure for what data centres consume.

So the answer to the question in the title depends entirely on which company is asked. Three of the nine say how much of their revenue is data centre. For the other six it cannot be read from the filings at all.

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They are listed companies selling into data centre construction and operation. The chain runs from processors and networking equipment through power distribution to cooling. The term describes an end market, not a reported segment. Most of these companies do not disclose how much revenue comes from it.

Among the three that give a figure, Nvidia. Its Data Center end market was 89.7% of revenue in the year to 25 January 2026. Coherent's Datacenter and Communications segment was 74.1% of revenue in the year to 30 June 2026, though that segment also contains its telecom business. AMD's Data Center segment was 48.0%.

Amazon, Alphabet, Microsoft and Meta together spent $376 billion on purchases of property and equipment in calendar 2025. Amazon was the largest at $131.8 billion. These are total company figures covering all property and equipment, not data centre spending alone.

Its filings do not say that. In the quarter to 26 July 2026, the category Nvidia calls Hyperscale was 54.7% of its Data Center revenue. Nvidia gives no definition of the category, so it cannot be read as Amazon, Alphabet, Microsoft and Meta.

DISCLAIMER: This article is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.