Metro Colo Advisory Research
Big Tech Data Center Lease Tracker$1.14 Trillion in Signed Leases That Have Not Started Yet
Microsoft, Meta, Oracle and Alphabet have signed leases, mostly for data centers, that start between 2026 and 2036. We track every figure from their SEC filings, quarter by quarter.
Explore the DataData through the third quarter of 2026. Updated November 2026.
Microsoft, Meta, Oracle and Alphabet have signed $1.14 trillion in data center leases that have not started yet, according to their latest SEC filings. That is 3.7 times the $306.7 billion they reported a year earlier.
Every dollar here is a lease already signed for space that comes online between 2026 and 2036, most of it data centers. For anyone buying wholesale colocation or AI and GPU colocation, or planning a build to suit data center, it shows how much of the market's future capacity is already spoken for.
How the Signed Lease Total Has Grown
Each bar is one quarter. Tap a company to show or hide it, hover or tap a bar for the filing behind it, or drag the slider to move the whole page to that quarter.
Source: Metro Colo Advisory analysis of Microsoft, Meta, Oracle and Alphabet 10-Q and 10-K filings, 2023 to 2026. Figures are future lease payments on signed leases not yet commenced. Oracle's fiscal quarters are shown in the calendar quarter they end in. Oracle's August 2023 10-Q gave no new figure, so its May 2023 figure is carried forward.
Who Has Signed the Most
The latest figure for each company, its change from a year earlier, when its leases start and the exact wording from its filing.
- Starts
- fiscal year 2027 to fiscal year 2034
- Terms
- 1 year to 20 years
Source wording
As of September 30, 2026, we had additional leases, primarily for datacenters, that had not yet commenced of $364.6 billion, with some arrangements subject to certain contractual conditions being met. These leases will commence between fiscal year 2027 and fiscal year 2034 with lease terms of 1 year to 20 years.
- Starts
- remainder of 2026 through 2036
- Terms
- greater than one year to 30 years
Source wording
In addition to the lease liabilities that are included on our balance sheet, we have operating and finance leases that have not yet commenced as of September 30, 2026. These lease obligations were approximately $355.73 billion, consisting of data centers, energy-related infrastructure, colocations, and certain network infrastructure, which will commence during the remainder of 2026 through 2036 with lease terms ranging from greater than one year to 30 years.
- Starts
- second quarter of fiscal 2027 to fiscal 2029
- Terms
- fifteen to nineteen years
Source wording
As of August 31, 2026, we had $288 billion of additional lease commitments, substantially all related to data center arrangements, that are generally expected to commence between the second quarter of fiscal 2027 and fiscal 2029 and for terms of fifteen to nineteen years that were not reflected on our condensed consolidated balance sheets as of August 31, 2026 or in the maturities table above.
- Starts
- between 2026 and 2031
- Terms
- between one and 26 years
Source wording
As of September 30, 2026, we have entered into leases, primarily related to data centers and energy infrastructure, that have not yet commenced with future lease payments of $130.5 billion that are not yet recorded. These leases will commence between 2026 and 2031 with non-cancelable lease terms between one and 26 years.
Leases not yet commenced as of Sept. 30, 2026. Amazon does not break this out by asset type, and its leases cover fulfillment centers, data centers, offices and stores, so it is not in our data center total. 10-Q filing
Operating leases signed but not yet commenced as of Dec. 31, 2025, per its IPO prospectus, across all of its facilities. Separately, on Oct. 24, 2026 it committed to lease GPU equipment for use at data centers from an Apollo-managed entity, with about $40 billion of payments starting in 2027. That is equipment, not space, so neither is in our total. Prospectus and 8-K
Leases not yet commenced as of June 30, 2026, primarily for data centers, equipment and offices, starting between 2026 and 2029. It excludes leases priced per megawatt, which CoreWeave lists separately. 10-Q filing
When These Leases Start
The start window each company gives for its signed leases. Bar height shows the dollar amount; the band shows the years leases begin.
Windows as worded in each company's latest filing. Fiscal years are converted to calendar dates for the chart.
ContextSigned Leases Compared With a Year of Spending
Each company's signed leases not yet started, shown against its capital spending on property and equipment in its last full fiscal year.
Capital spending is purchases of property and equipment from each company's latest 10-K. Leases are future payments over terms of up to 30 years, so the two are not the same kind of number; the comparison shows scale, not cost per year.
What it meansWhat This Means for Data Center Buyers
Capacity is spoken for years ahead
Leases signed today start as late as 2036. Space in new campuses is often committed before construction finishes, which is why wholesale colocation buyers need to start searches earlier than they used to.
Landlords want long terms
Oracle's latest leases run 15 to 19 years and Meta's up to 30. Developers with a signed anchor tenant can finance a powered shell or build to suit project faster than speculative builds.
Power decides who delivers
Signed leases only turn into running capacity when utilities energize the sites. Our AI Power Reality Check tracks how much requested power is actually running.
Planning capacity that has to be ready on a date?
We find wholesale and build to suit space that fits your requirement, negotiate the price and terms, and advise developers and owners on what a site can deliver through data center consulting. Fixed-fee consulting engagements start at $45,000. We reply within 24 hours.
How We Build This Tracker
We read every 10-Q and 10-K filed since early 2023 by Microsoft, Meta, Oracle and Alphabet and record the amount each reports for leases signed but not yet commenced, with the exact sentence, the start window and the lease terms. Every figure was then extracted a second time, independently, from the same filings, and the two sets were compared line by line.
- What the number is. Future lease payments, undiscounted, on leases signed but not yet started. It is not capacity in megawatts and not debt.
- What it covers. Microsoft says "primarily for datacenters" and notes some arrangements depend on contractual conditions. Oracle says "substantially all" data center arrangements. Meta lists data centers, energy-related infrastructure, colocations and network infrastructure. Alphabet says "primarily related to data centers and energy infrastructure."
- Timing. Leases signed after a quarter ends appear in the next quarter's figure. Oracle's fiscal quarters end in February, May, August and November.
- Not included. Amazon, because its figure is not broken out by asset type, and CoreWeave, shown separately for comparison. Meta discloses its Louisiana venture leases separately, and its filings do not say whether they sit inside the total.
Download, Cite and Ask Us
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Every quarter for every company, with the exact filing sentence and link for each figure.
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Frequently Asked Questions
How much have Big Tech companies committed to data center leases that have not started?
As of their filings for the third quarter of 2026, Microsoft, Meta, Oracle and Alphabet reported $1.14 trillion in future lease payments on leases they have signed but that have not yet commenced. Each company describes these leases as primarily or substantially all for data centers, and Meta and Alphabet now also include energy infrastructure. The total was $306.7 billion a year earlier.
What does "leases not yet commenced" mean?
It is the future lease payments on leases a company has signed but where it has not yet taken possession of the space, so nothing is recorded on the balance sheet yet. Companies disclose the amount in the leases note of their 10-Q and 10-K filings, along with when the leases are expected to start and how long they run.
Is this the same as debt?
No. These are contracted lease payments over terms of up to 30 years, not borrowed money. They show demand that is already signed and will come online as each lease starts. Once a lease commences, it moves onto the balance sheet as a lease liability.
Why is Amazon not in the headline total?
Amazon reports one figure for leases not yet commenced, $164.9 billion as of Sept. 30, 2026, but it does not break it out by asset type. Its leases cover fulfillment centers, data centers, offices, stores and equipment, so we show it separately rather than count it as data center leases.
Why are SpaceX and xAI not in the total?
SpaceX, which includes xAI, reported $1.6 billion in operating leases signed but not yet commenced as of Dec. 31, 2025, across all of its facilities, without a data center breakout. Its largest AI commitment is a separate lease of GPU equipment for use at data centers, with about $40 billion of payments expected to start in 2027. Because that is equipment rather than data center space, we show SpaceX next to the total rather than in it.
How often is the tracker updated?
After each earnings season, when the companies file their 10-Q or 10-K. Oracle reports on a different fiscal calendar, so its quarters ending in February, May, August and November are shown in the calendar quarter they fall in.
Can I use this data?
Yes. It is free to use under a Creative Commons Attribution 4.0 license. Credit Metro Colo Advisory and link to this page. Every figure links to the filing it came from.
Data through the third quarter of 2026. Page updated November 2026. Part of Metro Colo Advisory Research.