Line
Data Center Leases Signed, Not Yet Commenced
Future payments under leases signed but not yet started, by company, $ billions
4 of 4 series are above their level a year earlier·3 of 3 are at a five-year high
Plays the chart through its history. Pauses are where the data set a record or moved most.
SEC EDGAR: each 10-Q and 10-K’s XBRL instance document (Microsoft’s purchase commitments from its 10-K contractual obligations table). Undiscounted future payments as each company discloses them; each tags these lines its own way, so compare a company with its own history first. Readings are at each company’s own quarter ends.
Leases a company has signed for data centers and equipment that have not started yet, so they are not on its balance sheet. They become lease liabilities as each site is handed over.
What this chart reads
- Microsoft Leases Signed, Not Yet Commencedas “Microsoft”latest 2026-06-30
- Meta Leases Signed, Not Yet Commencedas “Meta”latest 2026-06-30
- Oracle Leases Signed, Not Yet Commencedas “Oracle”latest 2026-08-31
- Amazon Leases Signed, Not Yet Commencedas “Amazon”latest 2026-06-30
Sources
Microsoft Leases Signed, Not Yet Commenced. Source: U.S. Securities and Exchange Commission, EDGAR: the XBRL instance document of each 10-Q and 10-K, which carries the dimensioned and company-extension facts SEC's companyfacts API leaves out; calculated by Palanor. SEC filings are public information: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (sec.gov/privacy).
Meta Leases Signed, Not Yet Commenced. Source: U.S. Securities and Exchange Commission, EDGAR: the XBRL instance document of each 10-Q and 10-K, which carries the dimensioned and company-extension facts SEC's companyfacts API leaves out; calculated by Palanor. SEC filings are public information: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (sec.gov/privacy).
Oracle Leases Signed, Not Yet Commenced. Source: U.S. Securities and Exchange Commission, EDGAR: the XBRL instance document of each 10-Q and 10-K, which carries the dimensioned and company-extension facts SEC's companyfacts API leaves out; calculated by Palanor. SEC filings are public information: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (sec.gov/privacy).
Amazon Leases Signed, Not Yet Commenced. Source: U.S. Securities and Exchange Commission, EDGAR: the XBRL instance document of each 10-Q and 10-K, which carries the dimensioned and company-extension facts SEC's companyfacts API leaves out; calculated by Palanor. SEC filings are public information: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (sec.gov/privacy).
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.