AI buildout

This graph compares two amounts the hyperscalers report in their SEC filings but mostly keep off their balance sheets: what customers have contracted to pay them, and what the hyperscalers have committed to pay others (leases signed but not yet started, purchase commitments and guarantees).

• Contracted revenue: revenue customers such as frontier AI labs and Fortune 500 companies have signed up to pay for services not yet delivered, mostly cloud computing capacity.
• Non-cancellable commitments: commitments the filings say cannot be cancelled or terminated.
• Commitments subject to conditions: commitments that become payable only once conditions are met, such as a data center being completed or equipment delivered.
• Commitments with unstated terms: the rest, for which the filings don't say, with an amount, whether they can be cancelled or depend on conditions.