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Company filings data, Rank.ai analysis

Most capital-intensive AI company

The highest ratio of trailing-twelve-month capital expenditure to revenue among public companies building AI infrastructure, held by the current leader.
TTM capex as a multiple of revenue2.7×at CoreWeave

Behind the number

The full field

Open the board →
  • CoreWeave2.7×
  • Oracle1.1×
  • Meta0.4×
  • Microsoft0.4×
  • Alphabet0.3×
  • Micron0.2×
  • Amazon0.2×
  • Intel0.2×
  • Constellation Energy0.2×
  • Vistra0.2×
  • Cloudflare0.1×
  • Hewlett Packard Enterprise0.1×

The board in rank order. The headline number is the top-ranked row, highlighted. Showing the top 12 of 27 ranked entries.

TTM capex as a multiple of revenue by entry
RankEntryTTM capex as a multiple of revenue
1CoreWeave2.7×
2Oracle1.1×
3Meta0.4×
4Microsoft0.4×
5Alphabet0.3×
6Micron0.2×
7Amazon0.2×
8Intel0.2×
9Constellation Energy0.2×
10Vistra0.2×
11Cloudflare0.1×
12Hewlett Packard Enterprise0.1×

Over time

How the number has moved

2.7×2.7×2.7×2.7×Jul 29Sep 13Oct 29
View chart data
TTM capex as a multiple of revenue by publication
As ofTTM capex as a multiple of revenue
Oct 29, 03:20 UTC2.7×
Oct 28, 03:20 UTC2.7×
Oct 21, 03:20 UTC2.7×
Oct 14, 03:20 UTC2.7×
Oct 7, 03:20 UTC2.7×
Sep 30, 03:20 UTC2.7×
Sep 23, 03:20 UTC2.7×
Sep 16, 03:20 UTC2.7×
Sep 9, 03:20 UTC2.7×
Sep 2, 03:20 UTC2.7×
Aug 26, 03:20 UTC2.7×
Aug 19, 03:20 UTC2.7×
Aug 12, 03:20 UTC2.7×
Aug 5, 03:20 UTC2.7×
Jul 29, 03:20 UTC2.7×

About this metric

Capital intensity measures how hard a company is leaning into the buildout relative to its own size: capital expenditure divided by revenue, both trailing twelve months. A mature business spends a fraction of revenue on capex; a company spending multiples of its revenue is borrowing against a future it has not booked yet. This chart tracks the highest ratio among covered public AI infrastructure companies.

Both sides of the ratio come from SEC filings: total-company TTM capital expenditure over TTM revenue, computed on the same reported basis for every company on the underlying board, with latest-quarter capex and long-term debt preserved alongside. Figures are company-wide as reported, not segment estimates, so conglomerates dilute toward their whole business while pure-play builders show their full exposure.

The top of this board is where the AI capital cycle is most leveraged: a company spending multiples of its revenue on accelerators is betting on demand it has not booked yet. Read it with the forward-capex line: guidance shows the plan, intensity shows the strain.

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