Meta Discloses $825 Billion in Future Spending Commitments, Much Tied to AI Infrastructure

Meta Platforms Inc. said it has agreed to spend about $825 billion in the future on various leases and contracts, many related to computing power and infrastructure for artificial intelligence, according to a Thursday filing. Operating and finance leases not yet included on Meta's balance sheet are valued at $355.7 billion, covering data centers and energy infrastructure leases running from the remainder of this year through 2036. As of Sept. 30, the company separately held $454.5 billion in non-cancellable short- and long-term contracts, largely tied to third-party cloud computing, data center energy agreements, and consumer hardware for its Reality Labs division. Meta also said it is obligated to purchase up to $14.7 billion of cloud capacity over five years, an amount that could decrease if the provider sells to other customers. The disclosure follows Wednesday's quarterly earnings report, in which Meta raised its annual capital spending plans and announced a new class of nonvoting stock. In July, Meta reported future spending commitments of almost $700 billion.