The figures herein include investments in property, plant and equipment plus the infrastructure acquired using finance leases by Amazon, Meta, and Microsoft (primarily servers financed with debt and repaid over the useful life of the hardware). It’s the only one that doesn’t use finance leases, though it has recently issued corporate debt, including a 100-year bond that was ten-times oversubscribed—a notable statement of confidence by both Google and investors (and maybe even more so for the European currencies the bonds were denominated in). Meta contributed assets, owns 20% of the $27 billion project, is committed to pay to use the data centers (booked as OPEX, CAPEX’s far less attractive sibling), and guarantees returns to other investors if the lease isn’t renewed.
Author: Charles Fitzgerald
Published at: 2026-02-25 22:11:39
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