Meta's $825 billion in future commitments: what its Q3 2026 10-Q shows about leases, contracts and data-center guarantees

Meta's $825 billion in future commitments, reported by Bloomberg on October 22, 2026, comes from three lines in Meta's quarterly report for the period ended September 30. The Form 10-Q, filed the same day, lists $355.73 billion of leases that haven't started yet, $454.52 billion of non-cancelable contracts, and a contingent obligation to buy up to $14.72 billion of cloud capacity. Together they come to $824.97 billion. The filing followed Meta's Q3 results, covered in our Meta Q3 2026 earnings story, where Meta raised the floor of its 2026 capex range to $135 billion.

This story is based on Meta's Q3 2026 Form 10-Q, its Q1 and Q2 2026 10-Qs, its Q3 2025 10-Q and its 2025 Form 10-K on SEC EDGAR, and Bloomberg's report as republished by Yahoo Finance, checked October 23, 2026. The filing doesn't add these items into one total; the $824.97 billion sum is 9to5AI's arithmetic and matches Bloomberg's figure.

The short version

• Leases not yet commenced: $355.73 billion as of September 30, 2026, for data centers, energy infrastructure, colocations and network infrastructure, starting during the rest of 2026 through 2036.
• Non-cancelable contractual commitments: $454.52 billion, "mostly" third-party cloud capacity, plus servers and network gear, data-center energy and Reality Labs hardware.
• Contingent cloud purchases: up to $14.72 billion over five years, which can shrink if the provider sells the capacity to others.
• Growth: the two main items rose from $139.33 billion a year earlier to $810.25 billion.
• Guarantees: maximum residual value guarantees of $41.49 billion to two data-center ventures; Meta records no liability for them.

What makes up Meta's $825 billion?

The 10-Q's commitments note gives three figures:

1. Leases that haven't commenced. Meta says it has "operating and finance leases that have not yet commenced" worth about $355.73 billion, "consisting of data centers, energy-related infrastructure," colocations and certain network infrastructure. They start from the rest of 2026 through 2036, with terms from more than one year to 30 years. These aren't on the balance sheet yet; operating lease liabilities that are on it totaled $31.17 billion.
2. Non-cancelable contracts. Meta had "$454.52 billion of non-cancelable contractual commitments, comprising both short-term and long-term arrangements." It says these "mostly relate to third-party cloud capacity arrangements," along with servers and network infrastructure, data-center energy agreements and Reality Labs consumer hardware. About $45.85 billion is due in the rest of 2026 and $121.41 billion in 2027.
3. Contingent cloud capacity. Meta has "contingent obligations to purchase up to $14.72 billion of cloud capacity over a five-year period." The amount can fall if the provider sells that capacity to other customers.

The filing doesn't say whether the contingent cloud amount overlaps with the $454.52 billion. Bloomberg's $825 billion matches the sum of all three.

How fast are Meta's commitments growing?

Fast. Here are the two main items at each quarter-end, from Meta's own filings:

Meta's leases not yet started and non-cancelable contract commitments

US dollars, billions, at each quarter-end

0200400600

58.1481.19103.77131.05182.88237.67278.99349.31355.73454.52

Sep 30, 2025Dec 31, 2025Mar 31, 2026Jun 30, 2026Sep 30, 2026

• Leases not yet commenced
• Non-cancelable commitments

Show the data

As of	Leases not yet commenced	Non-cancelable commitments
Sep 30, 2025	58.14	81.19
Dec 31, 2025	103.77	131.05
Mar 31, 2026	182.88	237.67
Jun 30, 2026	278.99	349.31
Sep 30, 2026	355.73	454.52

In numbers: leases not yet commenced went from $58.14 billion on September 30, 2025, to $103.77 billion at the end of 2025, $182.88 billion in March, $278.99 billion in June and $355.73 billion in September 2026. Non-cancelable commitments went from $81.19 billion to $131.05 billion, $237.67 billion, $349.31 billion and $454.52 billion, a rise of $105.21 billion in the third quarter alone. That's 6.1 times and 5.6 times their year-earlier levels, and a combined rise from $139.33 billion to $810.25 billion.

The timing of the contracts has shifted, too. At the end of 2025, Meta's 10-K showed $22.17 billion of commitments due in 2027. By June 30, 2026, the 2027 amount was $81.65 billion, and by September 30 it was $121.41 billion.

Bloomberg reported that Meta disclosed "almost $700 billion" of future commitments in July, without saying how it reached that figure. Meta's Q2 10-Q gives the same three items as $278.99 billion, $349.31 billion and $14.72 billion, which add to $643.02 billion. The same filing also disclosed about $68 billion of additional data-center leases that Meta entered into in July 2026, due to start in 2027 and 2028. Adding those to the two main items gives $696.30 billion, close to Bloomberg's figure. That's one possible reconciliation and 9to5AI's arithmetic, not a method Bloomberg described.

What does the 10-Q say about data-center guarantees?

Meta is a 20% partner in two data-center ventures it doesn't consolidate:

Last verified: October 23, 2026

The partners share estimated development costs of about $27 billion for the Louisiana venture and $14 billion for the Texas one. Meta's leases with them start in 2029 and 2028, respectively. Each lease has an initial four-year term, with renewals up to 20 years. If Meta ends or doesn't renew a lease and other conditions are met, it pays any shortfall between the property's fair value and a guaranteed threshold. Meta says "RVG payments are not probable, and therefore no liability has been recorded to date." The filing doesn't name Meta's partners. Meta announced its Hyperion site in Louisiana as a joint venture with funds managed by Blue Owl Capital in October 2025, the same month the Louisiana venture was entered; our story on banks and datacenter debt covers how that financing works, and our Prometheus story covers the site itself. For the Texas venture, Meta contributed $2.26 billion of assets held for sale and received a one-time distribution of $1.04 billion.

The filing also shows $10.80 billion of money market funds held in escrow under "certain multi-year infrastructure purchase agreements," expected to be released between 2028 and 2030, and $1.53 billion of unused letters of credit, mostly tied to long-term infrastructure purchases.

Why it matters

These commitments sit on top of the capital spending Meta reports each quarter. The contract payments due in 2027 alone, $121.41 billion, compare with Meta's 2026 capex outlook of $135–145 billion, and Meta hasn't given a 2027 capex figure. How much of the industry's announced capacity is actually being built is tracked in our gigawatt datacenter analysis, and how credit markets treated AI-heavy borrowers in October is in our AI credit sell-off story.

What's confirmed, reported and uncertain

• Confirmed (Meta's SEC filings): every lease, commitment, guarantee and venture figure above, and the filing date of October 22, 2026.
• Calculated by 9to5AI: the $824.97 billion, $810.25 billion, $139.33 billion, $643.02 billion and $696.30 billion sums, and the growth multiples.
• Reported (Bloomberg, October 22): the "about $825 billion" framing and the "almost $700 billion" July figure. Bloomberg didn't explain the July figure; the closest sum 9to5AI found in the Q2 10-Q, $696.30 billion, includes about $68 billion of leases Meta signed in July.
• Uncertain: how much of the $454.52 billion is cloud capacity versus hardware or energy, which providers hold the contracts, and whether the contingent cloud amount overlaps the main total. The filing doesn't say.