Microsoft (MSFT) and Meta Are Locking In Billions for Data Centers in 2026 — Here’s the Full Picture

TLDR

• Microsoft and Meta each committed nearly $50B in new data center leases last quarter
• Total future lease commitments across major cloud companies now exceed $700B
• Microsoft holds $155B in future leases; Meta holds $104B
• Oracle leads all companies with $261B in future lease commitments
• Both Microsoft and Meta are reportedly in talks to secure capacity at Oracle’s Abilene, Texas Stargate campus

Microsoft and Meta Platforms have each committed close to $50 billion in new data center leases over their most recent quarters. This has pushed total future lease commitments across major cloud companies above $700 billion.

The figures come from a Bloomberg analysis of quarterly filings from companies including Microsoft, Meta, Oracle, Amazon, Google, and CoreWeave.

These are commitments to future leases, not active ones. They won’t appear on company balance sheets until payments actually begin.

Microsoft Corporation, MSFT

The steady climb in leasing activity reflects growing demand for AI computing capacity. Tech companies are racing to secure server farm space to support their AI buildouts.

Microsoft currently carries $155 billion in total future lease commitments. Meta is behind at $104 billion.

In its second fiscal quarter of 2026, Microsoft reported spending $6.7 billion on leasing data center capacity. That was down from $11.1 billion the prior quarter.

Microsoft also brought one gigawatt of capacity online during that same quarter.

Oracle Leads the Pack

Oracle holds the largest pile of future lease commitments at $261 billion. That figure was $248 billion at the end of November 2025, which itself was a 148 percent jump from the end of August 2025.

Much of Oracle’s leasing activity came between the second and third quarters of 2025, around the time OpenAI signed a $300 billion cloud deal with the company.

Both Microsoft and Meta are reportedly in talks to secure space at the Oracle and OpenAI campus being built in Abilene, Texas, as part of the Stargate project.

Oracle recently pulled back on expansion plans at that site, leaving available capacity that other companies are now looking to claim.

The Scale of the Buildout

The numbers involved are large. Bloomberg’s analysis shows that across the biggest cloud providers, future lease obligations have climbed consistently over the past year.

These costs sit outside of what companies are currently paying. They represent locked-in future spending that will eventually hit balance sheets.

CoreWeave also appears in Bloomberg’s analysis alongside the larger players. The company has emerged as a key player in AI-focused data center leasing.

The Abilene campus is one of the most watched infrastructure projects in the AI space right now. Its available capacity has drawn interest from multiple major players.

Microsoft spent more on data center leases in the first quarter of fiscal 2026 than in the second, suggesting some quarter-to-quarter variation in how these commitments are timed.

Meta’s $104 billion in future commitments places it second among the companies analyzed, behind Oracle’s $261 billion total.

Oracle’s lease commitments have grown faster than any other company in the group over the past several months.

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