Meta reports $279bn in future data centre leases for AI

Meta Platforms said it has $279 billion in future lease agreements mostly related to artificial intelligence data centres that are not yet reflected on its balance sheet.

Total commitments for leases that have not yet commenced were $279 billion as of the quarter ended June 30, Meta said Thursday in a regulatory filing. That’s up 53% from $183 billion in the prior period as the pace of investment accelerates.

The future costs come on top of active leases and are a mix of short- and long-term commitments. The company said they consist of data centres, colocations and “certain network infrastructure.” Meta added $68 billion in commitments in July alone, expected to start in 2027 and 2028.

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The owner of Facebook and Instagram on Wednesday gave a disappointing quarterly revenue forecast, stepping up pressure on Chief Executive Officer Mark Zuckerberg to prove that the company will benefit enough from its massive investment in the AI race.

Unlike rivals Microsoft, Alphabet and Amazon.com, Meta doesn’t typically sell its computing power to customers, so over-investment in data centres could be riskier. Investors on Wednesday’s call repeatedly pressed Zuckerberg to give detail on any potential for a cloud business, but he didn’t share solid plans.

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