The Multi-Billion Capex Race: How Tesla, Meta, and Nebius Are Building AI's Future

The technology sector is experiencing an unprecedented capex surge, with industry leaders making massive infrastructure bets to dominate AI and autonomy. Tesla, Meta Platforms, and Nebius are at the forefront of this capital spending acceleration, each deploying billions to secure competitive advantages in artificial intelligence, autonomous systems, and computational infrastructure.

Tesla’s $20B Capex Bet on AI and Autonomy

Tesla plans to deploy capital expenditures exceeding $20 billion in 2026—a dramatic acceleration from approximately $8.5 billion in 2025 and surpassing the previous peak of $11.3 billion in 2024. This capex expansion signals Elon Musk’s strategic pivot away from traditional automotive manufacturing toward artificial intelligence, robotics, and autonomous driving technologies.

The company’s capex allocation will fund six major construction projects: facilities for battery production (LFP technology), the CyberCab autonomous vehicle, the Semi truck, a new megafactory, a refinery operation, and manufacturing capacity for the Optimus humanoid robot. Beyond physical infrastructure, Tesla is investing heavily in AI compute capabilities—essential for scaling full self-driving technology, robotaxi operations, and robotic systems.

This capital deployment demonstrates Tesla’s confidence in its balance sheet: the company maintains nearly $44 billion in cash and equivalents, providing substantial financial flexibility. The aggressive capex strategy reflects management’s conviction that Tesla’s future growth depends on technology superiority rather than production volume alone.

The Broader Capex Acceleration Across Big Tech and AI Infrastructure

Tesla’s capex expansion mirrors a broader industry trend. Meta Platforms is dramatically increasing capital spending to $115–$135 billion for 2026—a substantial jump from $72.2 billion in 2025 and more than triple its 2024 spending. Meta’s capex focus centers on data center expansion, advanced computing infrastructure, and its newly established Meta Superintelligence Labs, positioning the company to handle massive AI workloads.

Emerging infrastructure specialist Nebius is pursuing an equally aggressive capex strategy, committing $5 billion for 2025—a 150% increase from its earlier guidance of $2 billion. Nebius intends to deploy these funds securing critical resources: power capacity, land, specialized sites, and high-end GPU hardware. This rapid capex scaling enables Nebius to build data centers and deploy GPU infrastructure at the pace required by AI market expansion.

The capex arms race reflects a fundamental industry reality: AI advancement requires unprecedented computing power and infrastructure resources. Companies that secure these resources early through aggressive capital spending gain structural advantages in model training, inference capabilities, and service deployment.

What This Capex Wave Means for Investors

From a valuation perspective, Tesla trades at a forward price-to-sales ratio of 15.38, elevated compared to both its industry peer group and its own five-year historical average. The company’s Zacks Rank stands at #4 (Sell), suggesting limited upside potential in the near term despite strategic capex investments.

However, the broader capex trends underscore a critical market shift: infrastructure and computational capacity are becoming the new competitive battlegrounds. Companies securing these resources through aggressive capex deployment—as Tesla, Meta, and Nebius are doing—position themselves for potential long-term value creation as AI and autonomous systems mature from experimental to revenue-generating phases.

The capex race is reshaping technology sector economics, with capital deployment now serving as a leading indicator of which companies are serious contenders in the AI era.