Microsoft and Meta Platforms have both committed around $50 billion to additional data center leases in the last quarter.

According to reporting from Bloomberg, based on an analysis of quarterly filings, the two companies have pushed their overall commitments to future data center leases to more than $700 billion for cloud companies and hyperscalers.

Bloomberg's analysis includes companies such as Oracle, Microsoft, Meta, Amazon, Google, and CoreWeave, in order of lease commitment size.

The publication notes that these costs are on top of active leases and won't appear on companies' balance sheets until payments begin.

The analysis found that leasing activity has steadily increased over the past year due to growing demand for AI capacity.

In Microsoft's late January quarterly earnings call (Q2 FY2026), the company said it had spent $6.7bn on leasing data center capacity. This was less than the prior quarter, which reached $11.1 billion.

The company also stood up 1GW of capacity in Q2 FY2026. However, based on Bloomberg's analysis, we can expect the leases to grow, reflecting the additional commitments.

In total, Bloomberg states that Microsoft carries $155 billion in future lease commitments, while Meta has $104 billion.

Both are reportedly in talks to secure capacity at the Oracle/OpenAI Abilene, Texas, campus that is being constructed as part of the Stargate project. Oracle recently backed away from expansion plans at the site, leaving capacity up for grabs.

Neither Microsoft nor Meta holds as many future lease agreements as Oracle, which holds $261 billion in upcoming lease agreements. This is up again from the end of November, when Oracle disclosed $248 billion in lease commitments, which itself was a 148 percent increase from the end of August 2025.

Much of Oracle's leasing activity occurred between Q2 and Q3 2025, around the time of OpenAI's $300bn cloud deal with Oracle.