Small print.
Wide open.

Table of Contents

(3) Primarily  consists  of  future  minimum  payments  under  CSP  hosting  and  other  third-party  infrastructure  service  agreements. 
The table reflects future minimum payments under our non-cancelable purchase commitments with a remaining term in excess 
of one year. See Note 13 to our consolidated financial statements for more information.

(4) Excludes $           aggregate principal amount outstanding under convertible promissory notes as of           , which are expected to 
be settled in shares rather than cash. We  may  issue  up  to  an  additional  $                    of convertible promissory notes, subject to 
applicable conditions. See the section titled “—Convertible Notes” for more information.

(5) Excludes  certain  other  compute  and  infrastructure  agreements  that  do  not  specify  a  fixed  dollar  commitment  which  are  not 
included in the aggregate above. Payments under these agreements will depend on the capacity made available and deployed, 
delivery timing, pricing mechanics, and the satisfaction of certain other deployment conditions. Because these factors are not 
yet determinable, the total amount of payments under these agreements is uncertain, but we currently estimate such payments 
to be approximately $           to $          . We expect these amounts to be payable over time after the capacity is delivered. See “—
Infrastructure Service Arrangements” below. 

The  table  above  reflects  our  contractual  obligations  as  of                    , and includes obligations that are fixed and 
determinable as of such date. For agreements with variable terms, the amounts described above include only 
minimum payments and/or pricing to which we are contractually committed and exclude variable payments in 
excess of such minimums. 

The table above does not include short-term commitments that are cancelable without penalty within one year 
or amounts under agreements with a remaining contractual term of one year or less. Minimum payments under 
such contracts were approximately $           as of           .

Further,  the  table  above  does  not  include  leases  executed  and  not  yet  commenced  as  of                    ,  with  total 
estimated future undiscounted lease obligations of approximately $          . Generally, these lease obligations will 
commence between            and           , with lease terms ranging from less than            years to            years. 

In  addition,  the  table  above  does  not  reflect  commitments  entered  into  after                    ,  with  aggregate  future 
minimum  payment  obligations  of  approximately  $                   .  We  also  entered  into  certain  agreements  after            
that are short term in nature. Minimum payments under such contracts are approximately $          . See Note 17 
to  our  consolidated  financial  statements  included  elsewhere  in  this  prospectus  for  more  information  on 
commitments entered into subsequent to           . 

Approximately $            of our contractual obligations are expected to be paid in the next 12 months.

Consistent  with  our  compute  and  data  center  strategy,  we  expect  to  continue  to  enter  into  additional 
arrangements to secure compute and infrastructure capacity, and to make significant related investments as we 
scale our business.

The  following  describes  certain  of  our  most  significant  existing  arrangements.  We  are  also  party  to  other 
compute infrastructure service arrangements and leases that are not described below. 

Infrastructure Service Arrangements

In  November  2025,  we  entered  into  an  agreement  with  Microsoft,  which  was  subsequently  amended  in 
February  and  October  2026,  pursuant  to  which  we  committed  to  spend  an  aggregate  of  at  least  $44.9  billion 
between November 2026 and May 2033, regardless of actual usage. Our commitment under such agreement is 
non-cancelable  except  in  the  event  of  Microsoft’s  uncured  material  breach  or,  on  a  per-tranche  basis,  for 
undelivered tranches.

In March 2026, we entered into an agreement with Google, which was subsequently amended between May and 
August 2026, and pursuant to which we committed to spend at least approximately $114.5 billion between April 
2026  and  July  2033,  regardless  of  actual  usage.  If  our  actual  spend  falls  short,  we  must  pay  Google  the 
difference as a true-up subject to certain adjustments and exceptions if available. Our commitments under such 
agreement  are  non-cancelable  except  in  the  event  of  Google’s  uncured  material  breach.  In  addition,  we  also 
committed to procure additional TPU compute from TPU providers, including Google, to be delivered between 
2028  and  2031.  The  payment  obligations  for  such  additional  compute  are  determined  by  the  capacity  made 
available, the manner in which it is deployed, the pricing mechanics, and the satisfaction of certain deployment 
conditions. We estimate the aggregate future payments for such additional compute to be approximately $125.0 
billion to $150.0 billion, which are not included in the contractual commitments table above. 

170