Tracking Alphabet's quarterly capex reveals an unprecedented acceleration: Q3 2025 at $24.0B, Q4 2025 at $27.9B, Q1 2026 at $35.7B, and now Q2 2026 at $44.9B. The sequential jumps — $3.9B, $7.8B, $9.2B — show accelerating growth, not plateauing. At this trajectory, FY2026 could exceed $200B, well above the $180-190B guidance last raised in April. The $49.6B equity raise in June and $20.3B debt issuance this quarter suggest Alphabet is preparing for even higher spend.