Moody's flags $662B in hidden data center liabilities across five hyperscalers

A Moody's Ratings report found the top five US hyperscalers (Amazon, Meta, Alphabet, Microsoft, Oracle) have accumulated $662B in future data center lease commitments that sit entirely off their balance sheets. The unrecorded figure equals 113% of their combined adjusted debt. The obligations represent leases for data centers not yet built. As landlords fulfill construction obligations over the next several years, these commitments will flow onto balance sheets. Moody's analyst David Gonzales clarified the companies haven't avoided liabilities through structuring; they simply "have not yet received the services."

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