AI data center lease commitments hit record $850B

The AI infrastructure buildout is moving into a bigger phase.
U.S. tech companies have now committed to a record $850B in data center leases over the next several years.
That is up roughly $570B YoY, or +204%, and about $200B QoQ, or +31%.
$META added the most in Q1 2026, with around $79B in new lease commitments, bringing its total close to $183B.
$MSFT added about $41B, bringing its total commitments near $197B.
$ORCL still leads overall at roughly $250B, helped by sites tied to its OpenAI infrastructure work.
Big tech is not slowing down AI spending.
It is locking in the physical infrastructure for the next stage of the race.