Hyperscale Market Tracker, 1Q26: Another capex high, another profit low, heads remain in the sand

MTN Consulting has been tracking this market with quarterly deep dives since 4Q17, and our database begins in 4Q11. We have a long history of in-depth coverage of this market, and proprietary tools and consistent, comparable data across revenues, capex, R&D, profitability, employment, and balance sheet metrics for the world’s leading hyperscalers (previously called “webscalers”). We cover Amazon, Alphabet, Microsoft, Meta, Apple, Oracle, Alibaba, Tencent, and more than a dozen other players, including newer entrants like Coreweave, Nebius, Kuaishou, and Xiaomi. No other analyst firm covers this market with this depth or our data coverage. We have been calling this market a bubble for over a year and a half, and that view is reflected throughout the analysis. The 1Q26 report includes detailed company-by-company breakouts, regional data, vendor revenue benchmarks, and three capex outlook scenarios for 2026-2028. If you are making investment, procurement, or strategic decisions that depend on where hyperscale spending goes from here, this report is built for you. Hyperscale revenues reached…