Nvidia Leases Signed, Not Yet Commenced

## What this measures

Future payments under leases Nvidia has signed that have not yet commenced, so they are not yet on its balance sheet, in U.S. dollars (billions), as first reported. Data center leases not yet commenced, including those for third parties, from the commitments table; earlier the operating-lease category of unrecorded purchase obligations or Nvidia's own tag.

## Why it matters

The AI build-out is financed three ways: cash, debt and commitments that stay off the balance sheet until the asset arrives. Leases signed for data centers that are not yet built, and purchase commitments for chips and capacity, are obligations a company has already taken on.

## How to read it

Readings are dated at the company's own quarter ends (Nvidia's end in late April, July, October and January). Compare the level with the company's total debt: these commitments can be larger.

## What it does not say

Amounts are undiscounted future payments as the company discloses them; tagging differs between companies, so compare each company with its own history before comparing companies. A filing that does not disclose the line gives no reading.

## 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).