Published annually since 2012, PPI’s Investment Heroes report spotlights the public companies making the largest capital investments in the U.S. economy. Previous reports have focused on topics such as the relationship between higher capital investment, on the one hand, and lower inflation and faster job creation, on the other.
The main theme of this year’s report is simple: getting big things done. In recent years, Americans have become increasingly concerned that the United States has become a bumbling giant, unable to execute complex, forward-thinking projects. The result is stagnant living standards and a loss of the ability to defend ourselves.
Yet this year’s Investment Heroes report shows that America can still rise to the occasion to address our biggest economic and military challenges. By analyzing corporate financial reports, we find that the country’s top 25 Investment Heroes collectively invested $520.4 billion in the U.S. in 2025. This marks a 29.2% increase from our 2024 estimates.
The $520 billion in investment in equipment and structures spans much of the American economy, from factories and fiber networks to power grids and retailers. But the clear standout of this year’s investment is computing and the infrastructure needed to power AI. The four largest investors this year — tech firms Amazon, Alphabet, Meta, and Microsoft — collectively invested more than $269 billion in the U.S. in 2025, a 61.1% increase from their 2024 spending.
This year’s sizable investments in compute capacity are building the foundation for the expansion of AI applications beyond software and back-office efficiency. The country faces major challenges, including high costs of food, healthcare, housing, and energy; archaic government systems; and cybersecurity vulnerabilities, among others. The buildout led by this year’s Investment Heroes is creating the capacity and knowledge needed to tackle these challenges head-on.
True, many Americans are apprehensive about AI displacing human labor and possibly escaping human control. There’s a need for public vigilance and comprehensive safeguards. Moreover, data centers can bring real issues, such as electricity costs, water use, and noise. However, these concerns are manageable. As PPI has written, local and state governments have access to a selection of practical tools that minimize impacts and ensure that communities reap the benefits of the investment they host. The massive buildout of data centers, chips, transmission, and connectivity is positioning the country for growth and strategic strength.
