Amazon raised $79 billion in debt in 2026, increasing its long-term debt to $119.1 billion, while its free cash flow fell 95% to $1.2 billion, reflecting a strategic trade-off for build speed. Meta added approximately $107 billion in non-cancelable purchase obligations in one quarter, bringing its total commitments to $238 billion for GPUs, cloud capacity, and energy. AWS's remaining performance obligations nearly doubled to $364 billion, concentrating demand visibility in frontier AI customers.
Hyperscalers are now leveraging balance sheets to fund AI infrastructure, shifting capital structure risk to debt or non-cancelable obligations.