Alphabet, Meta, Microsoft, Amazon, and Oracle have agreed to more than $3 trillion in future spending on data center leases, buildings, energy, and equipment, according to Brody Ford at Bloomberg, who added up their latest filings. Alphabet accounts for more than $1 trillion, almost eight times its total a year earlier, while Meta’s $800 billion-plus includes leases on data centers that aren’t in use yet, some running up to 30 years. The companies report commitments differently, and the totals include some non-AI spending such as Meta’s Reality Labs hardware and Alphabet’s and Amazon’s content licenses. The buildout has already pushed Alphabet and Meta into negative free cash flow, and Oracle, which got there first, expects to turn positive again in 2028.
