Microsoft, Meta, Amazon, Oracle and Alphabet have committed about $1.09 trillion in future lease payments for data centres that have not yet started. The figure comes from a Reuters analysis of company filings. Most of the leases are for AI-focused facilities. The total is nearly four times the roughly $285 billion of lease liabilities the five companies currently report on their balance sheets. Microsoft leads with $329.1 billion in uncommenced commitments. Meta follows with $278.99 billion, plus another $68 billion signed in July. Oracle has $260 billion, Amazon $137.21 billion and Alphabet $85.2 billion. After Meta’s latest deals the combined pipeline reaches about $1.16 trillion. Signed leases only appear as liabilities once the buildings become available. Until then they sit in the footnotes. Oracle’s $260 billion is nearly seven times its recognised liabilities and covers centres expected to open between fiscal 2027 and 2029 with 15-to-19-year terms.
Microsoft, Meta, Amazon, Oracle and Alphabet have committed about $1.09 trillion in future lease payments for data centres that have not yet started. The figure comes from a Reuters analysis of company filings. Most of the leases are for AI-focused facilities. The total is nearly four times the roughly $285 billion of lease liabilities the five companies currently report on their balance sheets. Microsoft leads with $329.1 billion in uncommenced commitments. Meta follows with $278.99 billion, plus another $68 billion signed in July. Oracle has $260 billion, Amazon $137.21 billion and Alphabet $85.2 billion. After Meta’s latest deals the combined pipeline reaches about $1.16 trillion. Signed leases only appear as liabilities once the buildings become available. Until then they sit in the footnotes. Oracle’s $260 billion is nearly seven times its recognised liabilities and covers centres expected to open between fiscal 2027 and 2029 with 15-to-19-year terms.