BRIEFINGS · Cloud and AI compute providers
Microsoft's annual report shows $329.1 billion of datacenter-led leases yet to start
Microsoft's 29 July annual report shows $329.1 billion of leases, mainly for datacenters, not yet started, commencing between 2027 and 2033.
In its annual report filed on 29 July 2026, Microsoft says it had additional leases, primarily for datacenters, that had not yet commenced of $329.1 billion, with some arrangements subject to certain contractual conditions being met. The leases begin between fiscal 2027 and fiscal 2033, with terms of 1 to 20 years. The same filing says Microsoft will keep putting money into capital spending for its cloud and its AI training and other infrastructure. The filing does not split the leases by site, power or AI use. We file this because it is a hard figure from a company filing about datacenter capacity. How we read it: Microsoft has locked in a very large pipeline of future datacenter space, but the AI share is not stated. What would change this: leases cancelled or delayed. Why it matters to you: it shows how far ahead the biggest cloud company is committing to build capacity.
What this doesn't prove
Annual report filed with the SEC. The $329.1 billion is leases not yet started, not spending to date. Some depend on contractual conditions. The filing does not show megawatts, sites or the AI share.
Next fixture
- Lease start dates
- Conditional leases going ahead
- Next quarter's figure
Sources
Every figure above comes from these sources. Every briefing is checked against its sources before it publishes. Nothing here is a recommendation to buy or sell anything, and this is not investment advice. See the disclosures.
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