SEC EDGAR Primary-Source Figures — AI-Capex Cluster
Generated 2026-06-06. Primary EDGAR XBRL/filing pulls. Numbers below marked [primary] are filing-derived; [press/knowledge] are clearly flagged fills.
EDGAR XBRL pattern: https://data.sec.gov/api/xbrl/companyconcept/CIK{cik}/us-gaap/{concept}.json
| Company | Metric | Value | Period | Source basis |
|---|---|---|---|---|
| NVIDIA (CIK 1045810) | Revenue | $215.9B | FY2026 (end 2026-01-25) | [primary] us-gaap:Revenues |
| NVIDIA | Net income | $120.1B (~56% margin) | FY2026 | [primary] NetIncomeLoss |
| NVIDIA | Capex | $6.04B (~3% of rev) | FY2026 | [primary] PaymentsToAcquireProductiveAssets |
| NVIDIA | Customer concentration | 2 direct customers each >25% | FY2026 | [primary] 10-K text |
| Microsoft (789019) | RPO | $631B | Q2 FY26 (2025-12-31) | [primary] RevenueRemainingPerformanceObligation |
| Microsoft | Capex (P&E, excl. leases) | $64.55B (FY24 $44.48B) | FY2025 | [primary] 8-K ex99 |
| Microsoft | OpenAI equity-method loss | $3.1B / $0.41 EPS (yr-ago $523M/$0.07) | Q1 FY26 | [primary] 8-K ex99 |
| Oracle (1341439, now TX) | RPO | $552.6B (was $130.2B) | Q3 FY26 | [primary] 10-Q |
| Oracle | RPO due within 12 mo | ~12% only | Q3 FY26 | [primary] 10-Q |
| Oracle | Total borrowings | $134.6B (was $92.6B FY25) | Q3 FY26 | [primary] 10-Q balance sheet |
| Oracle | New bond issuance | ~$44B+ | FY26 | [primary] cash-flow/financing |
| Alphabet (1652044) | RPO | $467.6B | FY2025 | [primary] RevenueRemainingPerformanceObligation |
| CoreWeave (1769628) | Backlog | $66.8B (Q3 $55.6B; RPO tag ~$98.8B) | Dec 2025 | [primary, w/ caveat] |
| Amazon (1018724) | AWS RPO | low–mid $200B (unresolved) | FY2025 | [press] tag switched, not primary-verified |
| Hyperscaler aggregate | Capex | ~$400B (2025) → ~$500–650B (2026 guide) | CY | [press/guidance] |
The depreciation lever (synchronized, earnings-flattering)
All four hyperscalers extended server/GPU useful lives 2023–2025, which lowers annual depreciation and inflates reported operating income now:
- Meta → 5.5 years, effective Jan 1 2025 (extended from ~4–5)
- Amazon → servers/networking 5–6 years
- Alphabet → servers/network equipment 6 years
- Microsoft → computer/server equipment 2–6 years
This is a key "hidden earnings" mechanism: Blackwell-era GPUs plausibly obsolesce in 3–4 years of frontier training duty, yet are being depreciated over 5–6. If real economic life is shorter than book life, current earnings are overstated and a depreciation/impairment cliff is deferred, not avoided.
SpaceX IPO ("SPCX") status
No S-1 / DRS / registration for "Space Exploration Technologies" exists in EDGAR as of 2026-06-06. SpaceX is not yet a public filer. This is consistent with a confidential draft registration (DRS) ahead of an imminent pricing (confidential DRS is not visible on EDGAR until ~15 days pre-roadshow). All SpaceX IPO valuation/structure figures circulating are press-reported, not filed — treat as such until the S-1 is public.
Structural read: NVIDIA earns $120B net on $6B capex; its customers (MSFT, ORCL, GOOGL, AMZN, META, CoreWeave) carry $1.6T+ of combined RPO and are levering up (Oracle +$42B debt in a year) to fund the buildout that becomes NVIDIA's revenue. The capital intensity, the debt, and the back-loaded promises sit downstream of the chip vendor. That asymmetry is the engine the formal model will quantify.
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