Big Tech locks in about $1.09 trillion in uncommenced AI data-center leases, Reuters finds

Microsoft, Meta Platforms, Oracle, Amazon, and Alphabet have committed about $1.09 trillion in future payments under leases that have not yet begun, mostly for data centres needed to power the artificial intelligence boom, Reuters reported from company filings. The commitments show a substantial part of Big Tech AI spending has already been locked in without yet appearing as debt-like lease liabilities on balance sheets. The total is nearly four times the roughly $285 billion of lease liabilities already recognised on the companies' balance sheets, according to filings compiled by Reuters. Signed leases generally are not recorded as liabilities until a facility is available for use, and uncommenced commitments are generally undiscounted payments spread over many years. Microsoft had the largest disclosed pipeline at $329.1 billion against $88.52 billion of recognised lease liabilities. Oracle disclosed $260 billion of uncommenced commitments, nearly seven times its $37.89 billion of recognised lease liabilities, substantially for data centres expected to begin between fiscal 2027 and fiscal 2029 and generally running 15 to 19 years. Meta disclosed $278.99 billion of uncommenced operating and finance lease payments, then signed a further $68 billion of data-centre leases in July, lifting the five companies' known pipeline to about $1.16 trillion including those later agreements. Alphabet reported $85.2 billion of uncommenced leases, while Amazon disclosed $137.21 billion, a figure Reuters noted is less directly comparable because Amazon's portfolio also includes warehouses, offices, aircraft, and vehicles.