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AI Hyperscalers’ Commitments Off the Balance Sheet
Leases signed but not yet commenced and purchase obligations, latest filing, $ billions
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. Microsoft's and Alphabet's purchase commitments are not shown: too few filings carry a comparable figure so far.
What the AI build-out's biggest spenders have signed up to pay that is not yet on their balance sheets: data center leases that start when the buildings are finished, and commitments to buy chips, capacity and power.
| Item | Leases not yet commenced | Purchase obligations | Total | Period |
|---|---|---|---|---|
| Meta | $279B | $349B | $628B | Q2 2026 |
| Nvidia | $45B | $308B | $353B | Q3 2026 |
| Microsoft | $329B | — | $329B | Q2 2026 |
| Oracle | $288B | $34B | $322B | Q3 2026, 2026 |
| Amazon | $137B | $130B | $267B | Q2 2026 |
| Alphabet | $85B | — | $85B | Q2 2026 |
What this chart reads·10 series
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- Microsoft Leases Signed, Not Yet Commencedas “Leases not yet commenced”latest 2026-06-30
- Amazon Leases Signed, Not Yet Commencedas “Leases not yet commenced”latest 2026-06-30
- Amazon Purchase Obligationsas “Purchase obligations”latest 2026-06-30
- Alphabet Leases Signed, Not Yet Commencedas “Leases not yet commenced”latest 2026-06-30
- Meta Leases Signed, Not Yet Commencedas “Leases not yet commenced”latest 2026-06-30
- Meta Purchase Obligationsas “Purchase obligations”latest 2026-06-30
- Oracle Leases Signed, Not Yet Commencedas “Leases not yet commenced”latest 2026-08-31
- Oracle Purchase Obligationsas “Purchase obligations”latest 2026-08-31
- Nvidia Leases Signed, Not Yet Commencedas “Leases not yet commenced”latest 2026-07-26
- Nvidia Purchase Obligationsas “Purchase obligations”latest 2026-07-26
Sources·10 sources
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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).
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).
Amazon Purchase Obligations. 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).
Alphabet 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).
Meta Purchase Obligations. 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).
Oracle Purchase Obligations. 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).
Nvidia 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).
Nvidia Purchase Obligations. 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.