Five major technology companies have locked in roughly $1.09 trillion in future lease payments for data centres, according to financial disclosures compiled by Reuters from Microsoft, Meta Platforms, Oracle, Amazon and Alphabet. The majority of these signed obligations have not yet appeared as formal debt-like liabilities on corporate balance sheets. The $1.09 trillion pipeline is nearly four times larger than the $285 billion in lease liabilities currently recognised on the five companies' official balance sheets. Under standard accounting rules, signed lease contracts are generally not recorded as formal balance sheet liabilities until the physical facility is completed and handed over for active use; in the interim, corporations disclose these future obligations within footnotes of financial filings. Microsoft disclosed the largest future pipeline, holding $329.1 billion in uncommenced lease commitments compared to $88.52 billion in currently recognized lease liabilities. Meta reported $278.99 billion in uncommenced leases. Oracle holds $260 billion in future lease commitments, nearly seven times its current recognised lease liability of $37.89 billion. Amazon disclosed $137.21 billion in future commitments, and Alphabet reported $85.2 billion in uncommenced lease obligations focused primarily on cloud infrastructure. If enterprise demand for AI infrastructure remains strong, these facilities will power cloud expansion; if AI adoption slows, tech giants could be obligated to pay for long-term real estate capacity that cannot be easily offloaded.