← Depreciating CollateralEren Kahraman · November 2026

Figure 6.1. Leases signed but not yet commenced

Anthropic, USD billion, 30 September 2026: 451.2. Microsoft, USD billion, 30 September 2026: 364.6. Meta, USD billion, 30 September 2026: 355.7. Amazon, USD billion, 30 September 2026: 164.9. Alphabet, USD billion, 30 September 2026: 130.5.

0100200300400500USD billion, 30 September 2026Anthropic451.2Microsoft364.6Meta355.7Amazon164.9Alphabet130.5
0100200300400500USD billion, 30 September 2026Anthropic451.2Microsoft364.6Meta355.7Amazon164.9Alphabet130.5

Note: Each company measures this item under its own accounting policies; the value for Anthropic is an estimated undiscounted obligation.

Source: Company filings with the US Securities and Exchange Commission (Form S-1/A and Form 10-Q), compiled by FourWeekMBA (2026b).

View data table
Figure 6.1. Leases signed but not yet commenced: data
CompanyUSD billion, 30 September 2026
Anthropic451.2
Microsoft364.6
Meta355.7
Amazon164.9
Alphabet130.5
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)