Meta's future spending commitments rise to $825 billion, stepping up AI compute and infrastructure
In its 10-Q filing, Meta disclosed $355.7 billion in operating and finance leases not included on its balance sheet, plus $454.5 billion in non-cancelable contracts, for total future committed spending of about $825 billion, up from nearly $700 billion disclosed in July. These expenditures mainly involve data centers, energy infrastructure, third-party cloud compute and Reality Labs hardware procurement, of which about $45.85 billion matures within 2026. Meta also raised the lower bound of its full-year capital expenditure guidance range by $5 billion to $135 billion to $145 billion, and announced the issuance of non-voting Class C common stock in January 2027.
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Meta's future spending commitments rise to $825 billion; the article breaks down the specific composition and maturity schedule of leases and contracts, making clear the scale and timing of its AI infrastructure investment.
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+1 Intraday drop of over 6%! Meta's future spending commitments surge to $825 billion, ramping up AI compute and infrastructure. The Paper reporter Hu Hanyan 2026-10-22 22:05 Source: The Paper ∙ 10% Company > Listen to full text Font size
Meta plans to spend approximately $825 billion in the future, involving purchases of related AI compute and infrastructure, far exceeding the figures announced in July.
On October 22 local time, the detailed quarterly financial report (Form 10-Q) submitted by Meta to the SEC (U.S. Securities and Exchange Commission) showed that the value of operating leases and finance leases not yet included in Meta's balance sheet reached $355.7 billion. These leases cover data centers, energy-related infrastructure, hosting services, and certain network infrastructure, and will commence successively between this year and 2036, with lease terms ranging from more than one year to 30 years.
As of September 30, the company had another $454.5 billion in irrevocable short-term and long-term contracts, mainly involving third-party cloud compute services, data center energy agreements, and consumer hardware products procured for its Reality Labs division. Of this, approximately $45.85 billion will come due within 2026, and $121.41 billion will come due in 2027.
Meta also stated that the company is committed to purchasing up to $14.7 billion in cloud compute capacity over the next five years. However, if the cloud service provider sells the excess compute capacity to other customers, the amount Meta ultimately needs to pay may be reduced accordingly.
This means that Meta's future committed spending has totaled as much as $825 billion, mainly for expanding cloud capacity and infrastructure to support AI development. According to foreign media reports, the future spending commitments disclosed by Meta in July this year totaled nearly $700 billion.
In addition, Meta stated that the company has transferred $10.80 billion of money market funds into restricted cash equivalents to meet custody requirements under certain multi-year infrastructure procurement agreements. It is expected that after the underlying procurement obligations are met, these funds will be released between 2028 and 2030.
In the third-quarter earnings report released on October 21, Meta raised the lower bound of its full-year capital expenditure guidance range by $5 billion, with the current expected range being $135 billion to $145 billion.
At the same time, Meta announced the launch of a new class of non-voting stock. The company will issue non-voting Class C common stock in January 2027 and distribute this new class of stock to existing investors in the form of a stock dividend. Meta stated that its practical effect is equivalent to a "2-for-1" stock split.
After the earnings report was released, Meta (Nasdaq: META) shares rose by more than 6% at one point after hours on the 21st, and then the gain narrowed. As of the time of publication on the 22nd, Meta was down more than 6%. Responsible editor: Li Yuequn Image editor: Zhu Weihui Proofreader: Zhang Liangliang The Paper news tip: 021-962866 The Paper, unauthorized reproduction is prohibited +1 Favorite I want to report #Meta #AI View more