The major hyperscalers - Microsoft, Oracle, Amazon, Alphabet, Meta and Nvidia (not a hyperscaler but has big commitments) - have been signing leases for data-center capacity that has not come online yet. These commitments show up in a filing’s footnotes years before they show up on the balance sheet. This page tracks that number, company by company and quarter by quarter, back to Q1 2021, compiled directly from each company’s 10-Q and 10-K filings.
It is leases only. These six companies also disclose purchase, supply and energy commitments — a larger bucket ($1,850bn combined, at their latest filings) governed by different definitions and reported in separate notes. Leases are tracked here on their own because all six companies report them under the same accounting definition, making this one slice of the broader off-balance-sheet picture comparable company to company.
Each point is assigned to the calendar quarter containing its reporting-period end, including Oracle and Nvidia’s non-calendar fiscal quarters. The first quarter with all six companies reporting a figure was Q2 2022, at a combined $67.8bn. By Q2 2026, the same six reported $1,135.5bn — a nearly 17-fold increase in four years.
Collection method. The data was collected by an AI agent using the dfin.pro MCP. The agent located the disclosures in each company’s filings and compiled them here.
Why the early years are patchy. Coverage before 2023 is partial because disclosure practice varied: some issuers reported the figure only at fiscal year-end, and Nvidia did not disclose one until FY2022. The disclosure also moves around — Nvidia reported it in its leases footnote through Q1 2026 and in its commitments note from Q2 2026. Nvidia’s first disclosed figure was $132mn; Oracle’s was $653mn.
Reading incomplete quarters. The hover detail and table identify periods where not all six companies disclosed a figure. Q3 2023 is the only such quarter after 2022: Oracle provided a qualitative reaffirmation rather than a dollar amount.
Nvidia’s Q2 2026 figure. The $45.0bn combines two separately disclosed lines: $25bn of leases for Nvidia’s own engineering, design and testing use, and $20bn of leases it expects to reassign to third parties. The prior quarter’s $32.4bn was a single line in the leases note; Nvidia gives no bridge between the two presentations, so the sequential move is not like-for-like.
Meta after quarter-end. Meta’s $279.0bn is its stated balance as of the end of June 2026. Roughly $68bn of leases signed in July 2026 is excluded until it is reported as a balance; press tallies that fold it in show about $347bn “as of June”.
Basis. Gross undiscounted future payments, as disclosed — not present value, so they are not directly comparable to balance-sheet lease liabilities. Where issuers split operating and finance leases, the chart uses their sum. Source: company 10-Q and 10-K filings, Q1 2021–Q2 2026.