Microsoft and Meta have signed between them around $120 billion in future capacity lease agreements in the most recent quarter.
As reported by Bloomberg and citing regulatory filings, this brings total lease commitments among the largest cloud computing providers to more than $850bn.
Meta led the pack with $79bn in new commitments, up 76 percent from the previous quarter, and bringing its total commitment to $182.9bn for the quarter ending March 31.
Microsoft, meanwhile, added $41bn, bringing its total to $196.6bn.
Despite growing leasing activity, both Microsoft and Meta continue to invest heavily in expanding their data center footprint with self-built and operated sites.
Both companies are predicting significant capex for the year, with Meta estimating between $120bn and $135bn for calendar year 2026 as it seeks to expand its IT infrastructure, while Microsoft is expecting its fiscal year 2026 to see a full spend of $190bn, of which $25bn is linked to tcomponent pricing.
Notable lease agreements by Microsoft include securing 30,000 GPUs from an Nscale data center in Norway, and a 900MW deal with Crusoe for its Abilene, Texas, campus. Both are capacity that was previously slated for OpenAI though later abandoned.
During the previous quarter, the companies each added around $50bn in future lease commitments, and Microsoft and Meta again led the pack. At that time, the total commitments across Oracle, Microsoft, Meta, Amazon, Google, and CoreWeave were $700bn, showing a quarterly total increase of $150bn.
According to Bloomberg, Amazon added $10bn in the latest quarter, around half of the quarter prior, while Oracle's future lease commitments actually reduced, from $261bn to $260bn. Much of Oracle's leasing activity occurred between Q2 and Q3 2025, around the time of OpenAI's $300bn cloud deal with Oracle.