Moody's: Big five hyperscalers' future commitments hit $2.8T, up from $350B in 2023
rohanpaul_ai · x · 2026-09-25
Per Moody's, the five biggest hyperscalers' combined future commitments — leases, purchase commitments, and guarantees — have grown from roughly $350B in 2023 to about $2.8T today.
Breakdown of the $2.8T:
- Over $1T in not-yet-commenced data-center leases
- $1.57T in purchase commitments
- $137B in guarantees
The figure suggests AI infrastructure expansion has far outrun realized capex, with enormous locked-in future obligations.
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