Largest cloud firms raise future data-center lease commitments above $850 billion

Meta and Microsoft added the largest increases in future data-center lease commitments among major cloud providers during their most recent quarters. The new obligations pushed the combined total above $850 billion, according to a Bloomberg report. Meta recorded the single largest quarterly increase.

As of March 31, its future lease obligations reached $182.9 billion after the company added $79 billion during the quarter, a 76 percent rise from the prior period. Microsoft's future lease commitments rose by more than $41 billion to $196.6 billion.

The company had scaled back leasing activity through much of 2025 due to limited available capacity.

Spending outlook The lease commitments will be paid out over roughly the next two decades. They cover data centers as well as some office buildings and warehouses, and certain contracts include provisions that can release companies from obligations under specified conditions.

Meta chief executive Mark Zuckerberg has stated plans to invest hundreds of billions of dollars in AI infrastructure before the end of the decade. Microsoft announced a large data-center project in west Texas earlier this week. Oracle was one of the few companies whose future lease commitments declined from the previous quarter.

The company remains the largest single holder of such commitments after previously securing sites for a major contract with OpenAI.