Meta Spending Commitments Reach $825B, Most Tied to AI Infrastructure, as CDS Hits Record
Meta Platforms disclosed in a regulatory filing on Oct. 22, 2026 that its future spending commitments totaled approximately $825 billion as of the end of September, covering leases, cloud computing contracts and data center agreements. The company said most of the commitments are tied to AI computing capacity and infrastructure, up sharply from about $700 billion disclosed in July.
Meta's five-year credit default swap price rose as much as 8.9 basis points to about 119.3 basis points on Thursday, a record intraday high since the contract began trading. The move signals investors are paying more to insure against default risk on Meta's debt. Its bond spread relative to U.S. Treasuries also widened, while CDS prices for Oracle, Microsoft and Broadcom climbed, reflecting broader concern about debt tied to heavy AI investment across the technology sector.
According to the filing, Meta's operating and finance leases not recorded on its balance sheet totaled $355.7 billion, including data center and energy infrastructure leases scheduled to take effect from the remainder of 2026 through 2036. The company also had $454.5 billion in non-cancellable short- and long-term contracts, primarily for third-party cloud computing capacity, data center energy agreements and consumer hardware produced by its Reality Labs unit. Meta also committed to purchase up to $14.7 billion in cloud computing capacity over five years, an amount that could be reduced if providers sell capacity to other customers.
Meta had earlier raised its full-year capital spending outlook in its quarterly earnings report and announced a new class of non-voting shares, which could be used to fund potential acquisitions and other expenses. Unlike rivals that sell cloud services, Meta typically does not sell computing capacity externally, meaning the risk of data center overinvestment could be borne by the company itself.
