The build-out in filings
verified 2026-09-27
How did the build-out unfold?
Quarter by quarter, as the companies filed it: what they spent, the leases they signed that have not begun, the notes they sold, the data centres securitised — and the filed events of $5B or more that moved them.
CAPEX in 2026 Q2
$209.3B
24 filers, the same set every quarter; each filer's quarters are on CAPEX
how it is counted
cash purchases of property and equipment per quarter, one fixed set of filers (those that reported every quarter since 2022 Q4), so new coverage does not read as growth
- Leases signed, not yet commenced →at the end of 2026 Q2 · 10 filers stated one
how it is counted
leases signed but not yet commenced, summed over the filers that stated one as of that quarter's end; the count of filers grows, so read the sum with it
- $1,156.2B
- Notes issued, quarter to date →2026 Q3, under way on 2026-09-27 · 40 tranches
how it is counted
principal of the notes priced in the quarter, in USD at the pricing-date rate; the quarter still under way: its total so far
- $78.1B
- Data-centre securitisations →first filed in 2026, the year under way on 2026-09-27
how it is counted
data-centre securitisations whose due-diligence report was first made public that year
- 15
- Filed events of $5B or more →dated 2023-01-24 to 2026-09-10; the newest: Dell, 4 note tranches priced, $5.0B
how it is counted
agreements, note offerings and first statements of leases not yet commenced of at least $5 billion
- 60
CAPEX per quarter
2026 Q2 $209.3B
cash purchases of property and equipment per quarter, one fixed set of filers (those that reported every quarter since 2022 Q4), so new coverage does not read as growth
Leases signed, not yet commenced
2026 Q2 $1,156.2B
leases signed but not yet commenced, summed over the filers that stated one as of that quarter's end; the count of filers grows, so read the sum with it
Notes issued per quarter
2026 Q3 to date $78.1B
principal of the notes priced in the quarter, in USD at the pricing-date rate; the quarter still under way: its total so far.
Data-centre securitisations per year
2026 15 deals
data-centre securitisations whose due-diligence report was first made public that year
Filed events of $5B or more
60 rows
agreements, note offerings and first statements of leases not yet commenced of at least $5 billion. Smaller ones are in the ledgers on /financing.
| 2026-09-10 | Dell | note offering | 4 note tranches priced | $5.0B |
| 2026-09-09 | Amazon | note offering | 4 note tranches priced | $5.8B |
| 2026-08-26 | NVIDIA | first lease disclosure | first statement of leases not yet commenced, as of 2026-07-26 | $25.0B |
| 2026-08-17 | NVIDIA | agreement | material definitive agreement | $105.0B |
| 2026-08-07 | Alphabet | note offering | 10 note tranches priced | $25.0B |
| 2026-07-29 | Equinix | agreement | credit agreement | $5.5B |
| 2026-07-07 | Amazon | note offering | 7 note tranches priced | $24.3B |
| 2026-06-30 | Vistra | agreement | credit agreement | $5.5B |
| 2026-06-17 | NVIDIA | note offering | 3 note tranches priced | $10.5B |
| 2026-06-15 | NVIDIA | note offering | 4 note tranches priced | $14.5B |
| 2026-06-10 | Dell | agreement | credit agreement | $6.0B |
| 2026-06-10 | Amazon | agreement | term loan | $17.5B |
| 2026-06-08 | Amazon | note offering | 5 note tranches priced | $10.0B |
| 2026-06-04 | Alphabet | agreement | equity distribution agreement | $40.0B |
| 2026-05-15 | AMD | agreement | credit agreement | $5.0B |
| 2026-05-06 | Core Scientific | note offering | 2 note tranches priced | $6.6B |
| 2026-05-05 | Alphabet | note offering | 10 note tranches priced | $16.8B |
| 2026-04-30 | Meta | note offering | 6 note tranches priced | $25.0B |
| 2026-03-31 | CoreWeave | agreement | credit agreement | $8.5B |
| 2026-03-11 | Amazon | note offering | 7 note tranches priced | $14.7B |
| 2026-03-10 | Amazon | note offering | 11 note tranches priced | $37.0B |
| 2026-02-27 | Amazon | agreement | material definitive agreement | $35.0B |
| 2026-02-10 | Alphabet | note offering | 11 note tranches priced | $26.1B |
| 2026-02-10 | Astera Labs | agreement | material definitive agreement | $6.5B |
| 2026-02-02 | Oracle | note offering | 8 note tranches priced | $25.0B |
| 2025-11-17 | Amazon | note offering | 6 note tranches priced | $15.0B |
| 2025-11-05 | Alphabet | note offering | 8 note tranches priced | $17.5B |
| 2025-11-03 | IREN | agreement | purchase agreement | $9.7B |
| 2025-11-03 | Alphabet | note offering | 6 note tranches priced | $7.5B |
| 2025-10-30 | Meta | note offering | 6 note tranches priced | $30.0B |
| 2025-10-28 | TeraWulf | agreement | joint venture | $9.5B |
| 2025-10-17 | Blackstone | agreement | revolving credit | $355.0B |
| 2025-10-09 | Applied Digital | agreement | purchase agreement | $5.0B |
| 2025-09-30 | CoreWeave | agreement | material definitive agreement | $14.2B |
| 2025-09-25 | CoreWeave | agreement | material definitive agreement | $6.5B |
| 2025-09-24 | Oracle | note offering | 6 note tranches priced | $18.0B |
| 2025-09-23 | Broadcom | note offering | 3 note tranches priced | $5.0B |
| 2025-09-15 | CoreWeave | agreement | material definitive agreement | $6.3B |
| 2025-08-29 | Intel | agreement | purchase agreement | $7.9B |
| 2025-08-25 | Intel | agreement | purchase agreement | $8.9B |
| 2025-07-08 | Broadcom | note offering | 3 note tranches priced | $6.0B |
| 2025-05-15 | CoreWeave | first lease disclosure | first statement of leases not yet commenced, as of 2025-03-31 | $19.9B |
| 2025-04-29 | Alphabet | note offering | 5 note tranches priced | $7.7B |
| 2025-04-28 | Alphabet | note offering | 4 note tranches priced | $5.0B |
| 2025-04-17 | Intel | agreement | financing | $8.8B |
| 2025-01-30 | Oracle | note offering | 5 note tranches priced | $7.3B |
| 2024-12-10 | Micron | agreement | guarantee | $6.4B |
| 2024-11-27 | Intel | agreement | material definitive agreement | $35.0B |
| 2024-09-27 | Broadcom | note offering | 4 note tranches priced | $5.0B |
| 2024-09-25 | Oracle | note offering | 4 note tranches priced | $6.3B |
| 2024-08-07 | Meta | note offering | 5 note tranches priced | $10.5B |
| 2024-07-09 | Broadcom | note offering | 3 note tranches priced | $5.0B |
| 2024-06-14 | Intel | agreement | material definitive agreement | $11.0B |
| 2024-06-04 | Intel | agreement | guarantee | $11.0B |
| 2024-04-02 | GE Vernova | agreement | credit facilities | $6.0B |
| 2024-02-15 | Digital Realty | note offering | 15 note tranches priced | $10.8B |
| 2023-06-20 | Oracle | first lease disclosure | first statement of leases not yet commenced, as of 2023-05-31 | $9.1B |
| 2023-02-03 | Amazon | first lease disclosure | first statement of leases not yet commenced, as of 2022-12-31 | $27.0B |
| 2023-02-02 | Meta | first lease disclosure | first statement of leases not yet commenced, as of 2022-12-31 | $9.8B |
| 2023-01-24 | Microsoft | first lease disclosure | first statement of leases not yet commenced, as of 2022-12-31 | $26.0B |