Meta disclosed $279 billion in future AI data center leases, a 53% jump from Q1. The stock fell 2.2%. Zuckerberg said the compute will serve AI and enterprise customers.
Meta disclosed $278.99 billion in future operating and finance leases in its quarterly securities filing, released a day after its earnings report. The leases, largely tied to AI data centers, have not yet begun and are not yet on the company's balance sheet.
The $279 billion figure is a 53% jump from the $182.88 billion Meta reported three months earlier. In July, after the quarter ended, Meta entered into additional data center leases with commitments of about $68 billion. Those leases are scheduled to begin in 2027 and 2028, with terms of 18 to 20 years, the company said.
The lease agreements cover data centers and colocations. The leases are scheduled to begin between the remainder of this year and 2036. The terms range from one year to 30 years.
The spending supports Meta's buildout of Hyperion, its Louisiana data center. Meta said earlier this month the facility will reach 5 gigawatts of compute capacity, pushing the project's cost to more than $50 billion. The buildout relies on chips from NVIDIA and other suppliers.
On the second-quarter earnings call Wednesday, CEO Mark Zuckerberg said a 'significant portion' of the company's computing capacity will go toward training its AI models and supporting its core business. He added that Meta expects to 'grow a large business serving large customers as well.'
Separate from the lease obligations, Meta reported $349.31 billion in non-cancelable contractual commitments. Those cover third-party cloud capacity and data centers. Of that total, $53.52 billion is due in 2026 and $81.65 billion in 2027.
Meta also disclosed contingent obligations to purchase up to $14.72 billion of cloud capacity over the next five years. Those commitments may be reduced if the cloud service provider sells the capacity to other customers, Meta said.
Meta's AI infrastructure spending is among the largest of any public company, the filing shows.
Meta's stock fell 2.2% on the day of the filing, weighing on the broader stock market.
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