IEA: AI infrastructure spending has already surpassed investment in oil and gas production, and is expected to increase another 75% in 2026

According to an analysis and market data published by the International Energy Agency (IEA) on April 26, the combined capital expenditures of the top five technology companies in 2025 exceed $400 billion. They are mainly投入 AI infrastructure buildout, and the scale has already surpassed the annual investment level of global oil and natural gas production. The IEA estimates that the relevant capital expenditures in 2026 may further grow by 75%.

AI Capex: Scale and Growth Trends

(Source: IEA)

Based on market data, in 2025 the combined capital expenditures of the top five technology companies exceeded $400 billion, mainly used for AI data centers and related infrastructure buildout. In its relevant report, the IEA estimates that the scale of the above spending in 2026 may further increase by 75%.

According to a report, the major AI model providers recorded a 3x increase in active users and a 5x increase in revenue over the past year.

AI-Related Debt and Share in the Stock Market

Based on market data, AI-related debt has risen to $1.4 trillion, becoming the largest segment in the U.S. investment-grade credit market by scale.

According to a recent report by BeInCrypto, AI-related companies currently account for 45% of the total market capitalization of the S&P 500 Index, setting a new all-time high.

IEA: The Link Between AI Energy Consumption and Economic Trajectories

In its relevant report, the IEA states: “Therefore, understanding AI’s impact on energy also means closely monitoring the economic trajectory of this technology.”

FAQ

What is the capital expenditure scale for the top five technology companies in AI infrastructure in 2025?

Based on market data, the combined capital expenditures of the top five technology companies in 2025 exceed $400 billion, mainly投入 AI infrastructure buildout. The IEA separately estimates that this figure in 2026 may further grow by 75%.

What is the size of AI-related debt and its position in the U.S. credit market?

Based on market data, AI-related debt has risen to $1.4 trillion, and is currently the largest segment in the U.S. investment-grade credit market by scale.

What is the market capitalization share of AI-related stocks in the S&P 500 Index?

According to a recent report by BeInCrypto, AI-related companies currently account for 45% of the total market capitalization of the S&P 500 Index, setting a new all-time high.