Report published September 24, 2026
AI Infrastructure Spending Is Accelerating: Apollo Analysis on Enterprise Capex Concentration
Apollo · September 24, 2026
Data from Ramp and Apollo shows that AI infrastructure spending is accelerating but is hyper-concentrated among the top 10% of firms. The top decile accounts for 99.5% of model serving and inference spend and 99.0% of neocloud spend.
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Finvaulta summarizes Apollo's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.AI infrastructure spending is extremely concentrated, with the top 10% of firms accounting for 99.5% of spending on Model Serving & Inference and 99.0% on Neocloud.
- 2.Spend on foundation model providers OpenAI and Anthropic is similarly dominated by the top 10% of firms (95.6%), on par with cloud computing (95.7%).
- 3.Traditional enterprise software categories such as CRM and non-AI SaaS show broader distribution across the bottom 90% of firms compared to AI infrastructure categories.
Table of Contents
- AI infrastructure spending is accelerating
- Share of category spend, top 10% vs. bottom 90% of firms (%)
Report data
Share of category spend, top 10% vs. bottom 90% of firms (%)
| Metric | Estimate | Context |
|---|---|---|
| Top 10% share of Model Serving & Inference spend | 99.5% | Share of category spend among top 10% vs. bottom 90% of firms |
| Top 10% share of Neocloud spend | 99.0% | Share of category spend among top 10% vs. bottom 90% of firms |
| Top 10% share of OpenAI + Anthropic spend | 95.6% | Share of category spend among top 10% vs. bottom 90% of firms |
| Top 10% share of Cloud computing spend | 95.7% | Share of category spend among top 10% vs. bottom 90% of firms |
| Top 10% share of SaaS excluding AI spend | 91.8% | Share of category spend among top 10% vs. bottom 90% of firms |
Reports in this series
Daily Spark is shown in chronological order through this edition, published on September 24, 2026.
Part of the Daily Spark series — view all 4 editions
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- Sep 21dailyspark 2026 09 21
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