HomeQuarterly CapEx and All-In Investment
How Much Is Leased: New Operating Leases ÷ All-In Investment
How Much Is Leased: New Operating Leases ÷ All-In Investment#
The lease share fell in recent years because cash GPU purchases swelled the denominator; as $800B of not-yet-started leases kick in, the line should turn up.Draft, pending review
How to read this chart
A rising ratio means compute investment is moving off the CapEx line. The recent decline is because cash purchases of GPUs and servers swelled the denominator, while new operating leases are mostly real estate and grow slowly.
Source: FinSight compilation and estimates · Updated 2026-09-03
↩ This chart lives on the pages2-capex-csp-06