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Big tech

Big Tech's hidden bills

Big Tech has signed for $2.36 trillion that is not on the balance sheet yet. On the books: $521B of debt and rent.

Numbers as of 2 Oct 2026

The full story

  1. Iceberg for Microsoft, Alphabet, Amazon and Meta at June 30, 2026. Small green tip above the water, on the books, 521 billion dollars: 165 billion of rent on leases already in use and 356 billion of money borrowed. Large red mass below the water, not on the books yet, 2.36 trillion dollars: 836 bill
  2. Amazon signed the least of the four: 267 billion dollars not yet on its books, 11 percent of the total. 137 billion of leases for buildings not handed over yet and 130 billion of orders for energy, media, equipment and software. It already has the most on its books, 229 billion.
  3. Microsoft leased the most: 558 billion dollars not yet on its books, 24 percent of the four companies' total. 329 billion of leases, mostly data centers not open yet, and 229 billion of orders including 35 billion of construction. The leases start between fiscal 2027 and 2033.
  4. Meta is second: 628 billion dollars not yet on its books, 27 percent of the four companies' total. 349 billion of orders for cloud capacity, servers and data centers, and 279 billion of leases for data centers and network sites. It signed 68 billion more leases in July, after this date.
  5. Alphabet signed the most: 902 billion dollars not yet on its books, 38 percent of the four companies' total. 811 billion is orders for chips and servers, energy and content. 91 billion is leases, mostly data centers not open yet.
  6. The four side by side, not on the books yet: Alphabet 902 billion dollars, mostly orders. Meta 628 billion, before 68 billion more signed in July. Microsoft 558 billion, mostly leases. Amazon 267 billion, the least. None of it is debt today.
  7. Whose bet worries you most? A row of the Microsoft, Alphabet, Amazon and Meta logos. Below: leases, or orders? Follow Green Owl if you want more.

Microsoft, Alphabet, Amazon and Meta, measured at June 30, 2026. Amounts are rounded.

Already owed: $356B: money borrowed. Long-term debt including the part due within a year, at carrying value. $165B: rent on leases already in use (operating lease liabilities): buildings, data centers, equipment. Finance leases are left out for all four companies. The $521B subtotal is these two lines, not every liability.

Signed, not yet owed: $836B: leases signed for buildings not handed over yet. Microsoft and Alphabet describe theirs as primarily data centers; Meta lists data centers, colocation and network infrastructure. Meta’s $68B of July leases is left out to keep one date. $1.52T: orders and contracts signed but not yet paid: servers and network gear, construction, energy, content licenses, inventory. Not just data centers.

The $2.36T is future contractual spending, not debt due today. Lease liabilities are discounted to present value and the commitments are contractual amounts, so their ratio is not a leverage measure. Guarantees and other contingent exposures are excluded.

Sources: Microsoft FY2026 10-K; Alphabet, Amazon and Meta Q2 2026 10-Qs.

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