Most capital-intensive AI company

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, and most fragile. A pure-play cloud spending multiples of revenue on accelerators is the clearest expression of conviction in future AI demand, and the first place stress will surface if that demand disappoints. Read it with the forward-capex line: guidance shows the plan, intensity shows the strain.