Meta Platforms’ future spending commitments climb to $825 billion

Meta Platforms’ future spending commitments have increased to $825 billion. The new number extends a trend that was already eye-catching. As of July 30, 2026, Meta had disclosed nearly $700 billion in future obligations tied to AI data centers, cloud computing, and related hardware. The tab has since grown again. Where the money is going The total includes two broad categories. The first is non-cancelable contracts, meaning deals Meta can’t simply walk away from. The second is long-term leases, mostly for the physical space and capacity needed to run AI at scale. As of the second quarter of 2026, non-cancelable commitments stood at $349.3 billion. Leases that had been signed but not yet started totaled $279 billion. The commitments sit on top of an already enormous capital expenditure plan. As of October 21, 2026, Meta’s capex guidance for 2026 was set at a range of $135 billion to $145 billion, up from a prior range of $130 billion to $145 billion. For comparison, Meta spent $72 billion on capex in 2025. Even the bottom of the 2026 range represents a dramatic step up in a single year. Meta’s 2026 capex surpasses the annual military budgets of most countries, trailing only the US, ...