The five major tech giants have not started their data center leasing commitments, accumulating a total of $1.09 trillion, which is nearly four times their confirmed liabilities

According to an analysis by Reuters of LSEG data and company filings, Microsoft, Meta, Oracle, Amazon, and Alphabet have committed to future payments of approximately $1.09 trillion in uncommenced lease obligations, primarily for AI data centers, which is about four times their confirmed lease liabilities (approximately $285 billion). These commitments have not yet been included on the balance sheet but have been disclosed in the notes to the financial statements. Among them, Microsoft disclosed the largest amount, reaching $329.1 billion; Meta disclosed $278.99 billion and signed an additional $68 billion in new leases in July; Oracle disclosed $260 billion, nearly seven times its confirmed liabilities, with lease terms generally ranging from 15 to 19 years, and the company has warned that it may face risks if customers do not renew or are unable to fulfill their obligations; Alphabet and Amazon disclosed $85.2 billion and $137.21 billion, respectively.

The analysis points out that if the demand for AI computing power continues to grow, these facilities will support the next phase of cloud business expansion; if demand falls short of expectations, companies may be forced to pay high costs for large amounts of long-term idle capacity. S&P Global Ratings has included the uncommenced leases of companies like Oracle in its adjusted debt forecasts. This data highlights the potential long-term financial pressure that the expansion of AI infrastructure brings to tech giants.