Alphabet's $514B Cloud Backlog Backs Record 2026 Capex

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