 META | Meta Platforms, Inc. | Equity-method venture / unconsolidated co-development vehicle for AI data center campus, plus lease commitments and residual value guarantees | ~$27 billion total estimated development costs; ~$12.31 billion aggregate initial lease commitment; ~$28 billion RVG threshold | “In October 2025, we entered into an arrangement to co-develop a data center campus in Louisiana (the Venture). This Venture provides strategic optionality and flexibility, which we expect will enable us to effectively meet future infrastructure capacity needs as AI markets and technologies develop. … The parties have committed to fund their respective pro rata share of approximately $27 billion in total estimated development costs. Our lease agreements with the Venture, which cover the right to use properties on the data center campus, will commence in 2029 and have an aggregate initial lease commitment of approximately $12.31 billion. … In addition, we have provided residual value guarantees (RVG) with an aggregate threshold of approximately $28 billion that decreases over time.” | <a href="https://www.sec.gov/Archives/edgar/data/1326801/000162828026028526/meta-20260331.htm">2026-04-29 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1326801/000162828026050705/meta-20260630.htm">2026-07-29 10-Q</a> | $1.49T |
 ORCL | Oracle Corporation | Data-center lease commitments not reflected on balance sheet; cloud-capacity obligations; lessor borrowing guarantee | $260 billion additional lease commitments; $3.3 billion guaranteed lessor borrowing; $10 billion unconditional purchase and certain other obligations | “As of May 31, 2026, we had $260 billion of additional lease commitments, substantially all related to data center arrangements, that are generally expected to commence between the first quarter of fiscal 2027 and fiscal 2029 and for terms of fifteen to nineteen years that were not reflected on our consolidated balance sheet as of May 31, 2026 or in the maturities table above. These additional lease commitments include a lease for which we have guaranteed up to $3.3 billion of the lessor’s borrowing, which matures in September 2026.” / “As of November 30, 2025, we had $248 billion of additional lease commitments, substantially all related to data centers and cloud capacity arrangements, that are generally expected to commence between the third quarter of fiscal 2026 and fiscal 2028 and for terms of fifteen to nineteen years that were not reflected on our condensed consolidated balance sheets as of November 30, 2025. … As of November 30, 2025, our unconditional purchase and certain other obligations, which were primarily related to cloud capacity arrangements, were $10 billion.” | <a href="https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/orcl-20260531.htm">2026-06-22 10-K</a><br><a href="https://www.sec.gov/Archives/edgar/data/1341439/000119312525315925/orcl-20251130.htm">2025-12-11 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1341439/000119312525200095/orcl-20250831.htm">2025-09-10 10-Q</a> | $339.15B |
 AVGO | Broadcom Inc. | Investor-partner structure for AI racks and related customer leases, with Broadcom backstop on lease obligations | Maximum exposure of $29 billion | “On June 8, 2026, we arranged for an investor partner to take on certain agreements to purchase AI racks based on custom AI accelerators designed by us and the related lease agreements with a customer that enable access to compute capacity. In connection with the arrangement, we entered into a backstop agreement with the investor partner for the customer’s lease obligations over 5-year terms. The backstop will increase over time as the AI racks are deployed and decrease as the customer makes payments on its lease obligations, with a maximum exposure of $29 billion.” | <a href="https://www.sec.gov/Archives/edgar/data/1730168/000173016826000054/avgo-20260503.htm">2026-06-09 10-Q</a> | $1.76T |
 GOOGL | Alphabet Inc. | Unrecorded data-center lease commitments; unconsolidated VIE investments in data-center leasing entities; credit backstop agreements; financial guarantees for third-party data center/power build-outs | $85.2 billion future lease payments not yet recorded; $860 million future funding commitments to unconsolidated VIEs; $6.5 billion maximum exposure to loss | “As of June 30, 2026, we have entered into leases, primarily related to data centers, that have not yet commenced with future lease payments of $85.2 billion that are not yet recorded.” / “As of December 31, 2024 and September 30, 2025, our future funding commitments related to unconsolidated VIE investments were $1.5 billion and $860 million, respectively. We account for our variable interests in certain data center leasing entities, which are in the form of credit backstop agreements as credit derivatives… As of September 30, 2025, the maximum exposure to loss is $6.5 billion.” / “These include certain financial guarantees, such as backstops to support the build-out of third-party data centers and power infrastructure.” | <a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm">2026-07-22 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204425000091/goog-20250930.htm">2025-10-29 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1652044/000165204426000018/goog-20251231.htm">2026-02-04 10-K</a> | $4.11T |
 EQIX | Equinix, Inc. | Unconsolidated VIE joint ventures involved in data center construction/operations; future equity commitments; loan commitment; debt guarantees | $1.555 billion maximum exposure to loss as of Mar. 31, 2026, including $208 million future equity contribution commitments, $392 million loan commitment, $44 million debt guarantees | “The unconsolidated VIE equity method investments are considered VIEs because they do not have sufficient funds from operations to be self-sustaining. While we provide certain management services to these joint ventures and earn fees for the performance of such services, we do not have unilateral power to direct the activities of these joint ventures that most significantly impact economic performance. These activities primarily include data center construction and operations, sales and marketing, financing, real estate purchases or sales. Decisions about these activities generally require the consent of both Equinix and our partners. We concluded that Equinix does not have predominant control over the unconsolidated VIEs and that Equinix is not considered to be the primary beneficiary. The following table summarizes our maximum exposure to loss related to the unconsolidated VIEs as of March 31, 2026 (in millions): Equity Investment$540 … Loan Commitment (1)392 Future Equity Contribution Commitments (2)208 Maximum Future Payments under Debt Guarantees (3)44 Total $1,555” | <a href="https://www.sec.gov/Archives/edgar/data/1101239/000110123926000091/eqix-20260331.htm">2026-04-29 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1101239/000110123926000147/eqix-20260630.htm">2026-07-29 10-Q</a> | $99.42B |
 CRWV | CoreWeave, Inc. | Unconsolidated VIE lease arrangements with data center developers/operators; JV equity commitments; OEM/software equipment financing | $82 million lease prepayments; up to $1.2 billion JV investment commitment; $5.2 billion aggregate notional OEM/software financing balance | “The Company has entered into various lease agreements with data center developers and operators that are VIEs. The Company does not have the power to direct the activities that most significantly impact the data center developer and operators' economic performance and is not the primary beneficiary. Therefore, the Company has not consolidated the VIEs within the condensed consolidated financial statements. The Company has lease prepayments of $82 million associated with these lease agreements as of March 31, 2026.” / “Additionally, during the three months ended March 31, 2026, the Company committed to invest up to $1.2 billion to acquire equity interests in two separate joint ventures that each hold a data center development project.” / “As of December 31, 2025, we had entered into the OEM and Software Financing Arrangements and obtained financing for certain equipment with an aggregate notional balance of $5.2 billion.” | <a href="https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm">2026-05-07 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1769628/000176962826000104/crwv-20251231.htm">2026-03-02 10-K</a> | $33.18B |
 CBRS | Cerebras Systems Inc. | Customer-funded AI compute buildout via working-capital loan; pass-through data center lease/rental costs; long-term lease commitments with third-party data center providers | $1.0 billion Working Capital Loan; 750MW committed capacity plus 1.25GW option; $25.0 billion remaining performance obligations | “In December 2025, we entered into a master relationship agreement (the “MRA”) with OpenAI OpCo, LLC (“OpenAI”), under which OpenAI committed to purchase 750MW of AI inference compute capacity and related services, with deployment expected in tranches during 2026 through 2028. OpenAI also has the option to purchase an additional 1.25GW of capacity for deployment by the end of 2030.” / “Under the MRA with OpenAI, OpenAI has provided us with the $1.0 billion Working Capital Loan to accelerate the development and build out of services, technology, and manufacturing.” / “The arrangement with OpenAI includes variable consideration related to pass-through costs that are included in the transaction price. These pass-through costs primarily relate to data centers consisting of fixed monthly data center rental costs, leasehold improvements, security and other variable monthly lease costs such as power and other utilities in connection to the delivery of the Committed Capacity.” / “In connection with these investments, we entered, and expect to continue to enter, into long-term lease commitments with third-party data center providers…” | <a href="https://www.sec.gov/Archives/edgar/data/2021728/000162828026044981/cbrs-20260331.htm">2026-06-23 10-Q</a> | $38.37B |
 NVDA | NVIDIA Corporation | Financial guarantees and commercial arrangements supporting customer/partner data center buildout; asked to offer financing arrangements | $3.5 billion land, power, and shell guarantees | “To support the build-out of complex datacenter infrastructures, we enter into commercial arrangements, including guarantees with partners. We provided $3.5 billion in land, power, and shell guarantees to early-stage companies, generally over multi-year periods.” / “We have entered and may in the future enter into commercial arrangements, including long-term capacity purchase obligations and financial guarantees, and have been asked to offer financing arrangements to support our customers’ and partners’ buildout of datacenter infrastructure.” | <a href="https://platform.hudson-labs.com/company/1045810/transcript/904492/full">2026-02-25 10-K</a><br><a href="https://platform.hudson-labs.com/company/1045810/transcript/883938/full">2025-11-19 10-Q</a> | $4.60T |
 BE | Bloom Energy Corporation | Brookfield AI Infrastructure Fund financing framework for AI-related power projects; financier-owned lease structure | Up to $5.0 billion over five years | “As part of this partnership, we established a prospective financing framework of up to $5.0 billion over five years for future Bloom Energy fuel cell projects that meet agreed investment and contractual criteria. This financing structure is expected to be housed within an AI Infrastructure Fund created by Brookfield (the “AI Fund”) and is designed to provide scalable capital for projects that advance our technology and market reach.” / “Under our traditional lease financing option, we sell our Energy Server systems through a direct sale to a financing partner who, in turn, leases the Energy Server systems to the customer under a lease agreement.” | <a href="https://www.sec.gov/Archives/edgar/data/1664703/000162828026006516/be-20251231.htm">2026-02-09 10-K</a> | $48.23B |
 HUT | Hut 8 Corp. | Project-level financing for AI/data center construction; large triple-net lease supported by Google backstop; JV ownership | Up to 85% LTC project-level financing; ~$7.0 billion base lease value, up to $17.7 billion with renewals | “With respect to the construction of our River Bend data center facility, we currently expect to fund our capital expenditures through a combination of cash and Bitcoin on our balance sheet and project-level financing of up to 85% LTC…” / “The lease has a base contract value of approximately $7.0 billion, with the potential to increase to $17.7 billion through renewal options, and is supported by a financial backstop from Google, which covers the lease payments and related pass-through obligations for the initial 15-year base term of the lease.” / “one site that we own through a 50% joint venture, King Mountain (McCamey, Texas).” | <a href="https://www.sec.gov/Archives/edgar/data/1964789/000110465926019392/hut-20251231x10k.htm">2026-02-25 10-K</a><br><a href="https://platform.hudson-labs.com/company/1964789/transcript/3716091/full">Feb 25, 2026 Earnings Call</a> | $9.93B |
 NI | NiSource Inc. | Data-center power asset financing using minority-interest entities, possible JVs and off-balance-sheet BTAs to preserve ratings | $9.25 billion to $9.75 billion estimated aggregate cost of existing Contract Assets and Pool Resource Assets | “The aggregate cost of Contract Assets and Pool Resource Assets supporting our existing data center customers is currently estimated to be between $9.25 to $9.75 billion. We expect to finance the construction and development of these assets and purchases of market capacity through a number of sources including but not limited to funds received under our data center contracts, debt, and equity financing raised by NiSource and capital contributions from affiliates of Blackstone to NIPSCO Holdings II and Generation Holdings II in connection with such Blackstone affiliates’ minority interest investments in those entities. … If we enter into additional data center contracts, we expect that we would need to develop additional generation assets to serve our new data center customers. In order to fund the development of these assets, which may be significant, we would be required to obtain significant additional financing, for which we may consider other funding sources, structures, or partnerships, which may include JVs, off-balance sheet arrangements in the form of BTAs, or other arrangements to support maintenance of our investment grade credit ratings.” | <a href="https://www.sec.gov/Archives/edgar/data/1111711/000111171126000045/nix-20260331.htm">2026-05-06 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1111711/000111171126000027/nix-20251231.htm">2026-02-11 10-K</a> | $21.48B |
 DBX | Dropbox, Inc. | Finance and operating leases used to finance datacenters and equipment | $1,110.6 million commitments to settle contractual obligations | “We finance a significant portion of our expenditures through leasing arrangements, and we may enter into additional similar arrangements in the future. As of December 31, 2025, we had an aggregate of $1,110.6 million of commitments to settle contractual obligations. In particular, we utilize both finance and operating leases to finance some of our equipment, datacenters and offices.” | <a href="https://www.sec.gov/Archives/edgar/data/1467623/000146762326000008/dbx-20251231.htm">2026-02-20 10-K</a><br><a href="https://www.sec.gov/Archives/edgar/data/1467623/000146762325000117/dbx-20250630.htm">2025-08-08 10-Q</a> | $7.78B |
 FIVN | Five9, Inc. | Data center support and maintenance financed through non-interest-bearing financing arrangement | $53.9 million agreement; $48.3 million recorded liability | “During the first quarter of 2026, the Company entered into a $53.9 million five-year agreement for data center support and maintenance services, which was financed through a non-interest bearing financing arrangement. In accordance with ASC 835-30, the financing arrangement was recorded as a liability at its present value of $48.3 million using an imputed interest. The Company is obligated to pay five installment payments of $10.8 million annually…” | <a href="https://www.sec.gov/Archives/edgar/data/1288847/000128884726000079/fivn-20260331.htm">2026-04-30 10-Q</a> | $2.08B |
 SMCI | Super Micro Computer, Inc. | Supplier lease / sublicense structure for long-term data center space | Over $292.0 million financial obligation | “For example, in connection with the Master Colocation Service Agreement (MCSA) we entered into in June 2024, we executed a long-term data center space from a supplier and concurrently sublicensed all of our rights and obligations related to such data center space to another party. While we are charging an additional monthly charge to the party to whom we are sublicensing the data center space, on top of the estimated over $292.0 million financial obligation we have to the supplier for the term of the lease for the data center space…” | <a href="https://www.sec.gov/Archives/edgar/data/1375365/000137536525000027/smci-20250630.htm">2025-08-28 10-K</a> | $16.63B |
 IRM | Iron Mountain Incorporated | Finance lease for data center-related facilities | $223.4 million undiscounted minimum lease payments; existing financing lease liabilities $528.6 million total current + long-term as of Mar. 31, 2026 | “We lease facilities for certain warehouses, data centers and office spaces… In February 2026, we entered into a finance lease that is expected to commence in July 2026, with an initial lease term of 31 years. The total undiscounted minimum lease payments for this lease are approximately $223,400.” | <a href="https://platform.hudson-labs.com/company/1020569/transcript/925571/full">2026-04-30 10-Q</a> | $35.93B |
 CORZ | Core Scientific, Inc. | Customer-funded colocation site development; SPV financing assignment for CoreWeave license agreements | $654.227 million deferred revenue at Mar. 31, 2026 tied to prepaid base license fees | “Prepaid base license fees relate to capital expenditures on colocation facility site development funded by the customer.” / “During the six months ended June 30, 2026, certain CoreWeave license agreements were assigned to a special purpose vehicle financing structure while CoreWeave remained a primary obligor under the agreements.” | <a href="https://www.sec.gov/Archives/edgar/data/1839341/000162828026031396/core-20260331.htm">2026-05-06 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1839341/000183934126000014/core-20260630.htm">2026-07-28 10-Q</a> | $5.82B |
 AMD | Advanced Micro Devices, Inc. | Vendor/supplier financing or deferred-payment arrangements for AI infrastructure; guarantees and leases supporting customer infrastructure development | Not quantified in retrieved disclosure | “Customers may also lack, or be unable to, secure capital to fund their required AI infrastructure and may request alternative financing or deferred‑payment arrangements from vendors and suppliers.” / “From time to time, we enter into commercial arrangements such as long-term capacity purchase agreements, financial guarantees and leases to support customers’ or commercial partners’ infrastructure development.” | <a href="https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/amd-20251227.htm">2026-02-03 10-K</a><br><a href="https://www.sec.gov/Archives/edgar/data/2488/000000248826000076/amd-20260328.htm">2026-05-05 10-Q</a> | $700.44B |
 AKAM | Akamai Technologies, Inc. | Longer-term leases with financial commitments to scale compute locations supporting AI applications | Not quantified in retrieved disclosure | “As we continue to scale our cloud infrastructure services, including our platform to support AI applications, we have experienced a significant increase in our co-location costs, particularly as competition for data center space has continued to increase, including from hyperscalers. We have entered into, and expect to continue to enter into, longer term leases that include certain financial commitments.” | <a href="https://www.sec.gov/Archives/edgar/data/1086222/000108622226000058/akam-20260331.htm">2026-05-08 10-Q</a> | $15.62B |
 APLD | Applied Digital Corporation | Long-term lease / hosting model for AI data centers; VIE disclosure | 250 MW first two leased buildings; 300 MW Polaris Forge 3 lease | “We design, build, and operate high-performance, sustainably engineered data centers—which we refer to as AI factories—and deliver that capacity to investment-grade hyperscalers and other leading compute customers under long-term lease and hosting arrangements.” / “On May 28, 2025, the Company entered into two lease agreements for the first two buildings, totaling 250 MWs.” / “On May 20, 2026, a different subsidiary of the Company entered into a data center lease with the same U.S.-based investment-grade hyperscaler to deliver a combined 300MW of critical IT load to support the second hyperscaler’s AI and HPC infrastructure at Polaris Forge 3.” | <a href="https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm">2026-07-29 10-K</a><br><a href="https://www.sec.gov/Archives/edgar/data/1144879/000114487925000021/apld-20250531.htm">2025-07-30 10-K</a> | $6.68B |
 CIFR | Cipher Digital, Inc. | Project-level financing, non-recourse where possible, with long-term lease structures for data center assets | Not stated in excerpt | “Our development model has focused on using project-level financing arrangements, non-recourse where possible, together with long-term lease structures, to fund the construction and operation of our data center assets.” | <a href="https://www.sec.gov/Archives/edgar/data/1819989/000181998926000009/cifr-20251231.htm">2026-02-24 10-K</a> | $7.23B |
 MARA | MARA Holdings, Inc. | Joint venture to develop, finance and operate AI/HPC infrastructure | Not quantified in retrieved disclosure | “Under the Strategic Agreement, we will jointly develop, finance and operate AI and HPC infrastructure on select power-rich sites within our existing portfolio.” / “Under the Strategic Agreement, we will contribute certain sites to and retain up to a 50% ownership interest in a newly formed joint venture, while Starwood will lead engineering, procurement and construction activities, secure hyperscale tenancy and operate the assets.” | <a href="https://www.sec.gov/Archives/edgar/data/1507605/000150760526000016/mara-20260331.htm">2026-05-11 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1507605/000150760526000007/mara-20251231.htm">2026-03-02 10-K</a> | $3.83B |
 WULF | TeraWulf Inc. | Long-term data center lease / sublease with Google credit support facilitating third-party debt financing | 168 MW critical IT load | “The Abernathy HPC Campus is designed for 168 MW of critical IT load, representing the full build-out of the site. The campus is 100% pre-leased to Fluidstack under a 25-year data center sublease with contractual rent escalators and options for term contraction. Lease obligations are supported by investment-grade credit enhancement provided by Google, materially strengthening the credit profile of the contracted revenues and facilitating third-party debt financing.” | <a href="https://www.sec.gov/Archives/edgar/data/1083301/000108330126000092/wulf-20260331.htm">2026-05-08 10-Q</a><br><a href="https://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm">2026-02-27 10-K</a> | $7.48B |
