Alphabet's $514B Cloud Backlog Underpins Record $180–190B 2026 Capex

Alphabet disclosed a $514 billion cloud contracting backlog — signed customer commitments not yet recognized as revenue — alongside Q2 2026 earnings on July 22. That backlog gives concrete visibility into revenue for the company's planned $180–190 billion in 2026 capital expenditures, which exceeds Alphabet's combined capex across 2023, 2024, and 2025.