Meta Platforms Inc. and Microsoft Corp. each made significant new commitments to data center leases in their most recent quarters, driving total future obligations above $850 billion among major cloud providers [1, 2, 3].
Meta added $79 billion in new data center lease commitments last quarter, a 76% jump from the prior period, raising its total lease obligations to $182.9 billion as of March 31, 2026 [2, 3]. Meta CEO Mark Zuckerberg said the company plans to spend hundreds of billions on AI infrastructure by 2030, highlighting the scale of its investment ambitions [2, 3].
Microsoft increased its lease commitments by over $41 billion this quarter, bringing its total to $196.6 billion [2, 3]. However, Microsoft paused most leasing activity during 2025 and faces data center capacity constraints [2, 3]. Earlier in June, Microsoft announced a large new server farm project in West Texas with Chevron, aiming to expand its infrastructure capabilities [2, 3].
Amazon added $10 billion in new lease commitments this quarter, less than half the amount added in the prior quarter [2, 3]. Oracle’s future data center lease obligations declined slightly but still lead future spending due to OpenAI contract sites [2, 3]. CoreWeave’s commitments remained relatively flat over the past two quarters [2, 3].
The reported future lease obligations are mainly related to data centers but also include some office and warehouse leases. These obligations will generally be paid over the next 20 years and are not reflected on company balance sheets until payments commence [1, 2, 3].
Bloomberg published an analysis on June 24 revealing that future data center lease commitments by top cloud companies have surpassed $850 billion [1, 2, 3].
Meta and Microsoft continue to dominate this leasing boom amid rising demand for AI and cloud infrastructure. Microsoft’s West Texas server farm project is the latest concrete step in expanding capacity [2, 3].
