The commitments show that a substantial part of Big Tech's ‌AI spending spree has already been locked in, without yet appearing as debt-like lease liabilities on company balance sheets. But their scale reveals how much of the AI buildout has yet to enter reported lease liabilities, fixed charges and reported leverage measures. ​Uncommenced ​lease commitments are generally undiscounted payments spread over many years, ​whereas recognised lease liabilities reflect their present value. It disclosed $260 billion of uncommenced commitments, nearly seven times its $37.89 billion of recognised lease liabilities. Microsoft had the largest disclosed pipeline, at $329.1 billion, against $88.52 billion of recognised lease liabilities.