The purpose of PPI’s annual Investment Heroes report is to shed light on patterns of domestic capital investment by large U.S.-based companies. As in the past, the 2025 Investment Heroes list ranks companies by their capital investment in the U.S., as estimated by our analysis of corporate financial reports.
Our topline finding: This year’s top 25 Investment Heroes invested a collective $403 billion in the U.S. economy in 2024, driven by the shift to the AI-Enabled Economy. This is a 23% increase from last year’s report. By comparison, overall U.S. nonresidential investment rose by just 5.3% in 2024.
Topping this year’s list is Amazon, retaining the No. 1 spot for the sixth consecutive year with an estimated $63.6 billion invested in the United States in 2024. This represents a more than 70% increase in U.S. capital investment compared to 2023, according to PPI’s estimates.
Following Amazon, Alphabet ranks No. 2 on the Investment Heroes 2025 list with an estimated $41.1 billion investment in the U.S. in 2024, a 68% year-over-year increase. Rounding out the top 10 are Meta, Microsoft, AT&T, Walmart, Verizon, Intel, Comcast, and Exxon Mobil.
Our analysis shows the shape of the emerging AI-enabled economy. We see four trends:
This report also includes company examples, a methodology section, and a listing of Investment Heroes which focuses on non-energy companies.
