A new report by Nikkei Asia reveals that the world’s largest technology companies—Microsoft, Alphabet, Amazon, Meta, and Oracle—have collectively taken on approximately $1.65 trillion in off-balance-sheet debt tied to artificial intelligence investments. This “invisible debt” figure exceeds their combined official liabilities, highlighting the scale of their commitments to AI infrastructure.
The hidden debt stems from future payment obligations such as long-term operating leases for data centers not yet built, bulk GPU supply contracts, and joint ventures. These tech giants are not required to record these as liabilities on their balance sheets until the assets are delivered or the facilities become operational.
Meta and Oracle carry the largest hidden debts. Meta’s off-balance-sheet debt is estimated at $420 billion—three times its official debt—while Oracle’s stands at approximately $273.3 billion. The remaining three companies collectively hold around $1.45 trillion in off-balance-sheet obligations for cloud services and other business commitments as of March 2026.
What Does ‘Off-Book’ Spending Mean?
The term ‘off-book’ spending refers to agreements where a company commits to future payments that are not listed on its regular debt sheet. For example, long-term rentals for data centers, AI chips, and cloud services allow Big Tech companies to secure critical resources before demand escalates further.
Why These Commitments Matter
These future payments could become a financial burden if the AI market slows. Companies would still be obligated to pay for contracts they have signed, even if their AI business underperforms. Agencies like Morgan Stanley and Moody’s have warned about these rising debt commitments. While AI creates new opportunities, it also pushes companies into massive financial commitments that could shape their future growth.