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# Big Tech's hidden AI debt has hit $1.65tn — more than its entire reported debt
- URL: https://www.metatalks.ai/five-us-tech-giants-hold-1-65tn-in-ai-debt-off-their-balance-sheets-above-what-they-report/
- Published: 2026-07-23T17:17:42.000Z
- Updated: 2026-07-23T17:17:42.000Z
- Author: Al
- Tags: News, AI Economy, AI Infrastructure, #newswire

**Mostly signed-but-not-yet-active data-center and chip contracts, the commitments are legal under US accounting rules — but they leave the debt investors actually see understating the real scale of AI spending.**

An investigation by Nikkei Asia found that Alphabet, Microsoft, Amazon, Meta and Oracle are [carrying roughly $1.65 trillion in debt that sits off their balance sheets](https://asia.nikkei.com/business/technology/five-us-tech-giants-hidden-debts-soar-to-1.65tn-on-opaque-ai-funding?ref=metatalks.ai) — more than the $1.35 trillion the five disclosed for the most recent quarter.

That off-books total has grown about eightfold over roughly four years, swelling as the companies poured money into artificial intelligence. Meta is the sharpest case. It alone has built up around $420 billion in off-balance-sheet debt tied to AI infrastructure, nearly triple the roughly $140 billion of debt it records on its books. Oracle's off-balance-sheet commitments have expanded about 30-fold since 2022 to reach some $273.3 billion.

Much of that debt comes from multi-year agreements already signed but not yet in force — chiefly billions of dollars pledged to data-center operators and orders for GPUs and servers not yet delivered. Under current US accounting rules, gear committed under long-term contracts but undelivered, along with data centers financed through project arrangements or extended leases, counts as off-balance-sheet, so none of it breaks the standards.

The worry is framed as one of disclosure rather than solvency. The five are flush with cash — Microsoft alone took in close to $100 billion from operations over the past twelve months, with Alphabet, Meta and Amazon each pulling in tens of billions — yet anyone reading only the top-line debt figures misses much of what is happening with AI spending.

Technical accounting consultant Tom Selling warned that this treatment is currently in fashion and could be propping up a company that turns out to be a house of cards, calling that the real risk. Amazon Web Services chief Matt Garman has countered that Amazon's investments are not made on speculation.

Investors will get a fresh look soon: Meta is set to release its second-quarter results after the market closes on July 29, with Microsoft, Alphabet and Amazon due to report within days.