A monthly measure of the capital flowing into the physical layer of the compute economy — data centers, power, and connectivity.
The Hyperscaler Buildout Index tracks the dollars flowing into the physical layer of the compute economy — data centers, power, and connectivity. It’s derived from the capex of Amazon, Microsoft, Alphabet, Meta, Oracle, and CoreWeave. The index measures that spending three ways: in absolute dollars, as a share of the economy, and per American. Leases don’t appear in capex, so they’re broken out on a tab of their own. Historical comparisons — railroads, telecom, the interstates — unfolded over decades, with public deliberation and public money. The data center buildout is faster, private, and concentrated in six balance sheets. The index exists to put a hard number on it.
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