Hyperscalers' Future Spending Commitments Reach Record $2.6 Trillion
Tech giants have disclosed $2.6 trillion in off-balance-sheet obligations for data centers and equipment, with Alphabet leading at nearly $900 billion.
Hyperscalers have accumulated a combined $2.6 trillion in future spending commitments spanning data center leases and equipment purchases, according to disclosures reviewed by The Kobeissi Letter. The obligations, which do not appear on corporate balance sheets, are only visible in accounting footnotes.
Alphabet (GOOGL) carries the largest total, with $811 billion in purchase commitments and $85 billion in leases not yet commenced, bringing its combined obligations to roughly $896 billion.
Oracle (ORCL) has the smallest purchase commitments at $32 billion, but its $260 billion in yet-to-commence lease obligations is the highest among the group, pushing its total to around $292 billion.
The scale of these commitments highlights the massive AI-driven buildout, now one of the largest long-term capital undertakings in corporate history.
Source: The Kobeissi Letter