Meta and Microsoft are leading the pack of tech giants that are shoveling money into artificial intelligence data-center leases – each committing tens of billions of dollars in their most recent quarters, according to a report.

The new agreements helped lift total future data-center lease commitments among the largest cloud-computing companies to more than $850 billion, Bloomberg reported.

The obligations have continued to rise over the past year as tech firms build out server farms to power an expected boom in AI use in coming years.

The lease commitments will largely be paid out over the next two decades, meaning spending on data center necessities like semiconductors and energy show no signs of slowing in the face backlash from some parts of the country.

Meta accounted for the biggest increase in data-center investment.

As of March 31, it had reportedly accumulated $182.9 billion in future lease obligations after adding $79 billion during the quarter – a 76% spike from the prior period.

Meta CEO Mark Zuckerberg has said he intends to invest hundreds of billions of dollars in AI infrastructure before the decade ends.

Microsoft’s future lease commitments rose by more than $41 billion, reaching $196.6 billion, according to Bloomberg. The company has been constrained by limited data-center capacity after scaling back its leasing through much of 2025.

Earlier this week, Microsoft unveiled a massive data center development in west Texas in partnership with Chevron.

Oracle was one of the few exceptions to the trend. Its future lease commitments edged lower from the previous quarter.

Even so, the company remains the largest holder of future spending commitments after previously securing many of the large sites needed to support a major contract with OpenAI.

The obligations, which are separate from current leases, typically stay off balance sheets until payments begin. Although they are mainly associated with data centers, they may also cover properties such as office buildings and warehouses. Certain agreements include provisions that can relieve companies of future obligations under specified circumstances.

The Post has sought comment from Meta and Microsoft.