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, China, and Russia.
The revenue engine and the cash squeeze
In the third quarter of 2026, the company reported revenue of $64.6 billion, up 26% year over year and ahead of market expectations.
Part of that momentum has been credited to AI products, including Muse, Meta’s consumer AI agent.
Meta’s free cash flow had fallen 91% year over year by the second quarter of 2026.
The company has announced plans to introduce a new class of non-voting shares as part of its strategy to fund these commitments.
From the metaverse to superintelligence
The current wave of commitments marks a strategic shift away from the metaverse and toward AI. Meta’s stated ambition is to build capabilities aimed at achieving what it calls “superintelligence,” a level of AI that would surpass human performance broadly.
What this means for investors and the tech sector
The risk is that much of this spending is locked in. Non-cancelable contracts and signed leases don’t shrink if AI demand cools or if returns arrive more slowly than hoped.
The non-voting share plan adds another layer. Raising capital this way may ease funding pressure, but it also signals that internally generated cash alone isn’t covering the ambition.
When nearly a trillion dollars in obligations sits partly in leases that haven’t begun, outsiders have to work harder to understand the true shape of the balance sheet.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.