Financing the AI buildout

In addition to the lease liabilities that are included on our balance sheet, we have operating and finance leases that have not yet commenced as of June 30, 2026. These lease obligations were approximately $278.99 billion, consisting of data centers, colocations, and certain network infrastructure, which will commence during the remainder of 2026 through 2036 with lease terms ranging from greater than one year to 30 years. In July 2026, we entered into additional data center leases with lease obligations of approximately $68 billion, which are expected to commence in 2027 and 2028, with lease terms of 18 to 20 years.

Scope and limits: Undiscounted future lease obligations not yet on the balance sheet, as of 30 June 2026; not a present value and not debt. The July 2026 leases (~$68bn) are a subsequent disclosure. One company's disclosure, not sector-wide.

Retrieved Oct 21, 2026.

Our non-marketable equity method investments include an arrangement, entered into in October 2025, to co-develop a data center campus in Louisiana (the Venture), in which we hold a 20% membership interest. 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. Each leased property has an initial four-year lease term and options to renew for a total lease period of up to 20 years. In addition, we have provided residual value guarantees (RVG) with an aggregate threshold of approximately $28 billion that decreases over time. […] RVG payments are not probable, and therefore no liability has been recorded to date. […] As of June 30, 2026 and December 31, 2025, the carrying value of our equity investment included within non-marketable equity investments on our condensed consolidated balance sheets was $2.92 billion and $1.83 billion, respectively, and our maximum exposure to loss related to the Venture was $46.03 billion and $45.95 billion, respectively, consisting of the carrying value of our equity investment, the lease commitments, our estimated future funding commitments, and the maximum RVG threshold. […] In July 2026, we entered into an exclusivity agreement to co-develop a data center campus in El Paso, Texas, through a venture in which we would hold a 20% membership interest. […] We will also provide residual value guarantees with a maximum aggregate exposure of approximately $13 billion.

Scope and limits: Maximum exposure to loss is a ceiling, not an expected loss; Meta states RVG payments are not probable and records no liability. The filing does not name the Venture's other investors or its lenders. The El Paso venture was not yet closed at filing.

Retrieved Oct 21, 2026.

Cash, cash equivalents, and marketable securities were $90.26 billion as of June 30, 2026, an increase of $8.67 billion from December 31, 2025. The increase was due to $64.09 billion of cash generated from operations and $24.91 billion of net proceeds from the issuance of fixed-rate senior unsecured notes (the Notes) in May 2026. These increases were partially offset by $50.92 billion of capital expenditures, which includes purchases of property and equipment and principal payments on finance leases; $8.70 billion of taxes paid related to net share settlement of employee restricted stock unit (RSU) awards; $2.70 billion of payments of dividends and dividend equivalents; and $2.29 billion of cash used in other financing activities. […] Cash used in investing activities during the six months ended June 30, 2026 mostly consisted of $49.11 billion of purchases of property and equipment as we continued to invest in servers, data centers, and network infrastructure […] CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except number of shares and par value) (Unaudited) June 30, 2026 December 31, 2025 […] Long-term debt 83,664 58,744

Scope and limits: Six months to 30 June 2026. Balance-sheet row is in millions with columns June 30, 2026 then December 31, 2025; it is carrying value, not face value ($84.00bn principal outstanding per the same filing). Capex here includes finance-lease principal ($50.92bn); purchases of property and equipment alone were $49.11bn.

Retrieved Oct 21, 2026.

During the six months ended June 30, 2025 and 2026, we spent $39.6 billion and $80.6 billion on capital expenditures, respectively. […] 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. These leases will commence between 2026 and 2031 with non-cancelable lease terms between one and 26 years. […] As of June 30, 2026, we had long-term debt outstanding with a total carrying value of $98.2 billion. During the six months ended June 30, 2026, we issued $20.0 billion of U.S. dollar-denominated fixed-rate senior unsecured notes and $31.8 billion of foreign currency-denominated fixed-rate senior unsecured notes for general corporate purposes, across Sterling, Swiss Franc, Euro, Canadian dollars, and Japanese yen. […] The following table presents cash flows (in millions): Six Months Ended June 30, 2025 2026 Net cash provided by operating activities $ 63,897 $ 84,859 […] CONSOLIDATED BALANCE SHEETS (in millions, except per share amounts) As of December 31, 2025 As of June 30, 2026 […] Long-term debt 46,547 98,165 […] As of June 30, 2026, we had $519.5 billion of remaining performance obligations (“revenue backlog”), of which $513.9 billion related to Google Cloud.

Scope and limits: Six months to 30 June 2026. Table rows are in millions; the cash-flow columns are 2025 then 2026 and the balance-sheet columns December 31, 2025 then June 30, 2026. Long-term debt is carrying value, not face value. Leases not yet commenced are undiscounted future payments. Excludes the $25bn of notes issued in August 2026.

Retrieved Oct 21, 2026.

On June 4, 2026, the company completed an underwritten public offering of 29 million Class A shares at a price of $355.1982 per share and 29 million Class C shares at a price of $351.8018 per share. The net proceeds received by the company were $20.5 billion which will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute. Concurrently on June 4, 2026, the company completed a $10.0 billion private placement of 14 million Class A and 14 million Class C shares to an affiliate of Berkshire Hathaway Inc. […] On June 5, 2026, the company issued an aggregate amount of 385 million Series A and Series B depositary shares, representing 19 million shares of 6.25% mandatory convertible preferred stock, split evenly into Series A (indexed to Class A stock) and Series B (indexed to Class C stock). Aggregate net proceeds were $19.0 billion which will be used for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute.

Scope and limits: Proceeds as reported (offering net proceeds; private placement stated gross). Use of proceeds is stated as general corporate purposes including AI infrastructure capex, not a dedicated allocation. One company's disclosure.

Retrieved Oct 21, 2026.

As of June 30, 2026, we had material purchase commitments and other contractual obligations totaling $811.0 billion, of which $200.7 billion was short-term. […] As of June 30, 2026, we provided backstops in the form of financial guarantees and credit derivatives with maximum potential amount of future payments of $7.6 billion and $43.8 billion, respectively. Upon a default under these backstops, we retain the right to assume the underlying leases for internal use or to sublease to third parties. Under specific conditions or following a predetermined period, we may elect to extinguish the backstop obligation by making a termination payment. […] We have also entered into an agreement to provide an estimated $24.1 billion of future backstops to support the build-out of data center and energy supply infrastructure, subject to finalization of terms with data center providers. […] Additionally, as of June 30, 2026, we have $20.0 billion of future capital funding commitments with a private company contingent upon the achievement of specified operational and financial milestones through 2030, which is accounted for as an equity derivative. […] We have entered into agreements with certain third parties to backstop certain payment obligations relating to data centers, which we account for as credit derivatives. The notional amounts for these credit derivatives represent the maximum potential exposure regarding future payments in the event of specified default scenarios by underlying parties. […] The gross notional amounts of outstanding derivative instruments were as follows (in millions): As of December 31, 2025 As of June 30, 2026 […] Credit derivatives $ 16,940 $ 43,785

Scope and limits: Notional amounts are maximum potential exposure under specified default scenarios, not expected losses; the filing does not name the data-centre counterparties or the private company. The $24.1bn of future backstops is an estimate subject to finalization of terms.

Retrieved Oct 21, 2026.

Cash provided by (used in) operating activities was $32.5 billion and $45.4 billion for Q2 2025 and Q2 2026, and $49.5 billion and $71.4 billion for the six months ended June 30, 2025 and 2026. […] Cash capital expenditures were $31.4 billion and $53.1 billion during Q2 2025 and Q2 2026, and $55.6 billion and $96.3 billion for the six months ended June 30, 2025 and 2026, which primarily reflect investments in technology infrastructure (the majority of which is to support AWS business growth) and in additional capacity to support our fulfillment network, both of which we expect to increase in 2026. […] We invested $28.7 billion in OpenAI’s Series C Preferred Stock for the six months ended June 30, 2026, including $13.7 billion invested in Q2 2026. Subsequent to June 30, 2026, we funded […] the remaining Commitment Amount of $21.3 billion. In Q2 2026, we also invested $10.0 billion in Anthropic nonvoting preferred stock. […] Cash inflows from financing activities resulted from proceeds from short-term debt, and other and long-term debt of $2.1 billion and $22.9 billion for Q2 2025 and Q2 2026, and $4.7 billion and $82.4 billion for the six months ended June 30, 2025 and 2026. We expect to undertake additional financing activities in 2026.

Scope and limits: Six months to 30 June 2026. Cash capital expenditures are net of proceeds from sales and incentives (gross purchases of property and equipment were $98.4bn per the cash-flow statement). Debt proceeds include short-term debt and other. Investments in AI companies are as reported, not marked to value.

Retrieved Oct 21, 2026.

The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations and are generally cancellable, as of June 30, 2026 (in millions): […] Six Months Ended December 31, Year Ended December 31, 2026 2027 2028 2029 2030 Thereafter Total Long-term debt principal and interest […] Leases not yet commenced 4,018 11,732 9,278 9,483 9,227 93,476 137,214 […] As of June 30, 2026, we had $132.1 billion of unsecured senior notes outstanding (the “Notes”), including foreign currency-denominated Notes issued for general corporate purposes, the carrying values of which are subject to foreign exchange rate fluctuations. […] BALANCE SHEETS (in millions, except per share data) December 31, 2025 June 30, 2026 […] Long-term debt 65,648 128,894

Scope and limits: Table rows in millions. The commitments row gives undiscounted payments by year (2026 is six months; last column is the total). Balance-sheet columns are December 31, 2025 then June 30, 2026; long-term debt is the non-current carrying value and excludes the current portion. Excludes the £4.25bn of notes issued in September 2026.

Retrieved Oct 21, 2026.

Cash from operations increased $46.8 billion to $182.9 billion for fiscal year 2026, primarily due to an increase in cash received from customers and a decrease in cash used to pay income taxes, offset in part by an increase in cash paid to suppliers. Cash used in financing increased $847 million to $52.5 billion for fiscal year 2026, primarily due to a $6.0 billion decrease in cash used for repayments of debt, offset in part by a $3.9 billion increase in common stock repurchases and a $2.4 billion increase in dividends paid. Cash used in investing increased $66.9 billion to $139.5 billion for fiscal year 2026, primarily due to a $51.4 billion increase in additions to property and equipment […] CASH FLOWS STATEMENTS (In millions) Year Ended June 30, 2026 2025 2024 […] Net cash from operations 182,935 136,162 118,548 Financing Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net 0 (5,746 ) 5,250 Proceeds from issuance of debt 0 0 24,395 […] Additions to property and equipment (115,948 ) (64,551 ) (44,477 ) […] Current portion of long-term debt (9,227 ) (2,999 ) Long-term debt $ 31,067 $ 40,152 […] (In millions, except lease term and discount rate) June 30, 2026 2025 […] Total finance lease liabilities $ 66,594 $ 46,172 […] As of June 30, 2026, we had additional leases, primarily for datacenters, that had not yet commenced of $329.1 billion, with some arrangements subject to certain contractual conditions being met. These leases will commence between fiscal year 2027 and fiscal year 2033 with lease terms of 1 year to 20 years. […] Revenue allocated to remaining performance obligations, which includes unearned revenue and amounts expected to be invoiced and recognized as revenue in future periods, was $684 billion as of June 30, 2026.

Scope and limits: Fiscal year to 30 June 2026. Table rows in millions; cash-flow columns are fiscal 2026, 2025, 2024; lease and debt columns are June 30, 2026 then 2025. Leases not yet commenced are undiscounted and some are subject to contractual conditions. Long-term debt shown is the non-current carrying value.

Retrieved Oct 21, 2026.

The increase in cash, cash equivalents and marketable securities as of August 31, 2026 in comparison to May 31, 2026 was primarily due to $23.1 billion of cash inflows from our operations, which includes $11.4 billion of customer prepayments with a significant financing component; and $19.9 billion of cash proceeds from the issuance of common stock via the ATM Program, net of issuance costs, partially offset by $28.5 billion of cash used for capital expenditures; $3.1 billion of cash used for scheduled repayments of debt; $2.6 billion of restricted cash that was reclassed to prepaid expenses and other current assets; $1.6 billion of cash used to pay dividends to our common and preferred stockholders; $1.1 billion of cash used for repayment of commercial paper; $830 million of cash outflows for short-term financing related to capital expenditures, net; and $242 million of cash outflows for other financing activities, net, in each case during the first quarter of fiscal 2027. […] (in millions, except per share data) August 31, 2026 May 31, 2026 […] Notes payable and other borrowings, current $ 7,625 $ 7,199 […] Notes payable and other borrowings, non-current 117,712 122,342 […] As of August 31, 2026, we had $288 billion of additional lease commitments, substantially all related to data center arrangements, that are generally expected to commence between the second quarter of fiscal 2027 and fiscal 2029 and for terms of fifteen to nineteen years that were not reflected on our condensed consolidated balance sheets as of August 31, 2026 or in the maturities table above. […] Remaining performance obligations were $664 billion and $455 billion as of August 31, 2026 and 2025, respectively.

Scope and limits: Quarter to 31 Aug 2026. Balance-sheet rows in millions with columns August 31, 2026 then May 31, 2026; total borrowings ($125.3bn) is a derived sum of the two rows and is carrying value, not face value. Lease commitments are undiscounted and not on the balance sheet.

Retrieved Oct 21, 2026.

The total debt obligations are as follows (dollars in millions): Maturities Effective Interest Rates June 30, 2026 December 31, 2025 […] Total recourse debt, net of unamortized discount and issuance costs 31,405 20,726 […] Total non-recourse debt, net of unamortized discount and issuance costs $ 3,663 $ 647 […] Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 2,575 $ 1,212 $ 4,653 $ 2,194 […] Interest expense, net (640) (267) (1,176) (531) […] Interest expense, net for the three months ended June 30, 2026 increased by $373 million, or 140%, compared to the three months ended June 30, 2025. Interest expense, net for the six months ended June 30, 2026 increased by $645 million, or 121%, compared to the six months ended June 30, 2025. These increases were primarily attributable to increased borrowing levels and total debt obligations.

Scope and limits: Rows in millions. Debt columns are June 30, 2026 then December 31, 2025, net of unamortized discount and issuance costs; total debt (~$35.1bn) is a derived sum of the recourse and non-recourse totals (the brief's XBRL carrying amount was $35.55bn). Excludes financing added after 30 June.

Retrieved Oct 21, 2026.

The following customers accounted for 10% or more of the Company's revenue for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Customer A 36% 71% 40% 72% Customer B 26% * 23% * Customer C 10% * * * Customer D * * * * * Customer did not represent 10% or more of revenue. The customer references of A through D may represent different customers than those reported in a previous period. Customers A and B accounted for 32% and 32%, of accounts receivable, net, respectively, as of June 30, 2026. […] As of June 30, 2026, the Company had $103.7 billion of unsatisfied RPO, of which 41% was expected to be recognized over the initial 24 months ending June 30, 2028, 39% between months 25 and 48, and the remaining balance recognized between months 49 and 78.

Scope and limits: The filing labels customers A to D only and says the labels may change between periods; it does not name them, so no mapping to companies is made. RPO is contracted, not yet recognized revenue and depends on delivery.

Retrieved Oct 21, 2026.

We fund these capital investments through a mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet. […] As of June 30, 2026, we had $13.6 billion outstanding under our delayed draw term loan facilities. These delayed draw term loan facilities are collateralized with the assets underlying the contributed contracts and the pledged contractual cash flows, generally from investment grade counterparties. […] As of June 30, 2026, we had $16.6 billion aggregate outstanding principal amount of Notes composed of the following: […] As of June 30, 2026, the Company executed additional lease agreements, primarily for data centers, equipment, and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $35.5 billion. These leases will commence between 2026 and 2029 with estimated lease terms of seven to sixteen years.

Scope and limits: "Generally from investment grade counterparties" is the company's own characterization; counterparties are not named. Outstanding principal amounts differ from net carrying values. Lease figure is undiscounted and excludes arrangements the company describes as uncertain.

Retrieved Oct 21, 2026.

On August 7, 2026, CoreWeave Financing DDTL V-V, LLC (the “Borrower”), a Delaware limited liability company and an indirect subsidiary of CoreWeave, Inc., a Delaware corporation (the “Parent”), entered into a credit agreement (the “Credit Agreement”) with, inter alios, JPMorgan Chase Bank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as depositary bank, JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd. as joint lead arrangers, joint bookrunners and syndication agents, and the lenders party thereto, providing for a $2.6 billion delayed draw term loan facility (the “DDTL 5.5 Facility”). The DDTL 5.5 Facility was entered into primarily to finance capital expenditures required to perform certain customer contracts, including the acquisition of GPU servers and related infrastructure. […] The maturity date of the DDTL 5.5 Facility is September 1, 2031. […] Amounts borrowed under the DDTL 5.5 Facility are subject to an interest rate per annum equal to (i) for SOFR loans, Term SOFR (subject to a 0.00% floor) plus an applicable margin of 5.50% per annum […] All obligations under the DDTL 5.5 Facility are unconditionally guaranteed by the Parent pursuant to a parent guarantee and pledge agreement […] All obligations under the DDTL 5.5 Facility are secured by substantially all assets of the Borrower and its subsidiaries and a pledge of 100% of the equity interests in the Borrower held by CW Financing DDTL V-V Holdco, LLC.

Scope and limits: Facility size is a commitment, not drawn debt (the Q2 10-Q reports $1.2bn drawn after closing). The 8-K does not name the customer contracts being financed.

Retrieved Oct 21, 2026.

On September 22, 2026, CoreWeave, Inc. (“CoreWeave”) completed its previously announced upsized private offering of $4.2 billion aggregate principal amount of its 2.875% Convertible Senior Notes due 2033 (the “Notes”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), including $500 million aggregate principal amount of Notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional Notes. […] The Notes are general senior, unsecured obligations of CoreWeave. […] The Notes bear interest at a rate of 2.875% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on April 1 ,2027. The Notes will mature on April 1, 2033 (the “maturity date”), unless earlier converted, redeemed or repurchased.

Scope and limits: Principal amount at issuance; conversion terms mean the notes may settle partly in shares. Does not show use of proceeds or any capped-call cost.

Retrieved Oct 21, 2026.

On August 10, 2026, Alphabet Inc. (“Alphabet”) closed its underwritten public offering of $25 billion aggregate principal amount of U.S. dollar-denominated senior notes (the “Notes”) pursuant to Alphabet’s registration statement on Form S-3 (File No. 333-296395). The Notes were issued pursuant to an Indenture (the “Indenture”), dated as of February 12, 2016, between Alphabet and The Bank of New York Mellon Trust Company, N.A., as trustee. The Notes consist of $750,000,000 aggregate principal amount of floating rate notes due 2028, $1,250,000,000 aggregate principal amount of 4.500% notes due 2028, $500,000,000 aggregate principal amount of floating rate notes due 2029, $2,000,000,000 aggregate principal amount of 4.625% notes due 2029, $3,500,000,000 aggregate principal amount of 4.875% notes due 2031, $2,500,000,000 aggregate principal amount of 5.200% notes due 2033, $4,500,000,000 aggregate principal amount of 5.450% notes due 2036, $3,000,000,000 aggregate principal amount of 6.250% notes due 2046, $4,500,000,000 aggregate principal amount of 6.375% notes due 2056 and $2,500,000,000 aggregate principal amount of 6.500% notes due 2066.

Scope and limits: Aggregate principal at issuance; does not state use of proceeds or show Alphabet's total debt after the issue.

Retrieved Oct 21, 2026.

On September 14, 2026, Amazon.com, Inc. (the “Company”) closed the sale of £1,250,000,000 aggregate principal amount of its 5.200% notes due 2029 (the “2029 Notes”), £1,000,000,000 aggregate principal amount of its 5.550% notes due 2032 (the “2032 Notes”), £1,000,000,000 aggregate principal amount of its 6.250% notes due 2038 (the “2038 Notes”), and £1,000,000,000 aggregate principal amount of its 6.650% notes due 2045 (the “2045 Notes” and, together with the 2029 Notes, 2032 Notes, and 2038 Notes, the “Notes”) pursuant to an Underwriting Agreement dated September 9, 2026 (the “Underwriting Agreement”) among the Company and the several underwriters named therein. […] The aggregate public offering price of the Notes was £4.242 billion and the estimated net proceeds from the offering were approximately £4.235 billion, after deducting underwriting discounts from the public offering price and before deducting offering expenses payable by us.

Scope and limits: Sterling principal at issuance (£4.25bn face; £4.242bn offering price); no US dollar equivalent is stated, and the filing does not show Amazon's total debt after the issue.

Retrieved Oct 21, 2026.

Review of 14 such transactions since 2023 found about $300 billion in equity investments and $650 billion in debt, in exchange for $1.4 trillion in future revenue commitments. Hyperscalers are borrowing more; investors have been leveraging to invest in AI stocks.

Scope and limits: IMF review of 14 transactions since 2023, not all AI financing; the blog does not list the deals or define future revenue commitments. Publication date only (the URL path says 12 Oct; the page shows 13 Oct).

Retrieved Oct 21, 2026.

Circular financing arrangements involving equity and debt flows between AI firms could mean stress at key companies receiving investment would lower revenue forecasts and investment valuations, weakening the value of the accumulated debt in those deals.

Scope and limits: A risk-scenario statement, not an estimate of losses; it does not name the firms involved. Publication date only.

Retrieved Oct 21, 2026.

Respondents raised several risks related to AI, including equity valuations; that capital expenditures are increasingly funded by debt, creating leverage in the system; and that widespread adoption of AI may contribute to labor market weakness.

Scope and limits: Summarizes views of surveyed market contacts, not the Federal Reserve's own assessment, and gives no figures. The PDF typesets AI in small capitals (text layer reads "aI"); rendered here as AI. Publication date only.

Retrieved Oct 21, 2026.