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In  April  2026,  we  entered  into  an  agreement  with  Amazon,  pursuant  to  which  we  committed  to  spend  an 
aggregate of at least $110.0 billion between May 2026 and April 2036, regardless of actual usage. If our actual 
spend  falls  short,  we  must  pay  Amazon  the  difference  as  a  true-up  subject  to  certain  adjustments  and 
exceptions  if  available.  Our  commitment  under  such  agreement  is  non-cancelable  except  in  the  event  of 
Amazon’s uncured material breach.

Between  May  and  October  2026,  we  entered  into  and  amended  several  agreements  with  SpaceX.AI  LLC 
(formerly  known  as  X.AI  LLC)  (“SpaceXAI”),  a  wholly  owned  subsidiary  of  Space  Exploration  Technologies 
Corp.  (collectively,  the  “SpaceXAI  Arrangements”),  to  access  compute  powered  by  NVIDIA  GPUs.  Under  the 
SpaceXAI  Arrangements,  we  agreed  to  spend  an  aggregate  of  up to  $120.5  billion  over  terms  extending  into 
2029, consisting of approximately $3.1 billion in the aggregate per month once all capacity has been delivered, 
which we expect in December 2026, with different fees during capacity ramping periods. Following initial non-
cancelable periods ending in January 2027 and March 2027 under the respective agreements, each agreement 
may be cancelled by either party upon 90 days’ advance written notice. 

Under  the  Hardware  Supply  Agreement  with  AMD,  we  committed  to  obtain  an  initial  tranche  of  compute 
capacity  in  calendar  year  2027  by  purchasing  AMD-based  Helios  rack-scale  systems  from  approved 
manufacturers or by accessing such systems through third-party service providers, provided certain conditions 
related  to  deployment  proposals  are  met.  The  agreement  does  not  specify  a  fixed  dollar  commitment.  If  we 
procure  the  full  amount  of  this  initial  committed  capacity,  we  expect  aggregate  expenditures  to  exceed $20.0 
billion over the term of the agreement, which are not included in the contractual commitments table above. The 
agreement  also  provides  for  the  potential  procurement  of  additional  capacity  of  up  to  approximately  the 
amount  of  our  initial  commitment.  Our  agreement  with  AMD  is  non-cancelable  by  us  except  in  the  event  of 
AMD’s  uncured  material  breach  and  will  automatically  terminate  12  months  after  both  parties  fulfill  their 
commitments under the agreement and all ordered AMD GPU capacity has been delivered.

In August 2026, we entered into GPU services agreements (collectively, the “Nscale Services Agreements”) with 
wholly  owned  subsidiaries  of  Nscale  Global  Holdings  Limited  (together  with  its  affiliates,  “Nscale”)  to  access 
compute powered by NVIDIA GPUs. Under the Nscale Services Agreements, we agreed to spend an aggregate of 
up  to  approximately  $44.6  billion  over  terms  extending  into  2033,  with  fees  accruing  only  as  capacity  is 
delivered  to  and  accepted  by  us.  Nscale  is  required  to  use  best  efforts  to  obtain  qualifying  financing  for  the 
NVIDIA  GPUs  and  data  center  infrastructure  within  a  specified  period  following  the  effective  date  of  such 
agreements (or such later date as may be mutually agreed by the parties and subject to additional negotiation). 
Otherwise, our commitment under each agreement is non-cancelable except in limited circumstances, including 
Nscale’s failure to meet specified delivery or service availability requirements or an uncured material breach by 
the applicable Nscale entity.

In  May,  June  and  August  2026,  we  entered  into  agreements  (collectively,  the  “Lambda  Agreements”)  with 
Lambda,  Inc.  (“Lambda”)  to  access  compute  powered  by  NVIDIA  GPUs.  Under  the  Lambda  Agreements,  we 
agreed to spend an aggregate of approximately $41.3 billion over terms extending into 2034, with fees accruing 
only  as  capacity  is  delivered  to  and  accepted  by  us.  Under  our  August  2026  agreement,  which  represents 
approximately  $34.9  billion  of  the  aggregate  commitment,  either  party  may  terminate  if  Lambda  does  not 
timely  secure  the  facility  lease.  Otherwise,  our  commitment  under  each  of  the  Lambda  Agreements  is  non-
cancelable except in the event of Lambda’s uncured material breach or certain other limited circumstances and, 
for  certain  of  the  Lambda  Agreements,  on  a  per-tranche  basis  if  Lambda  fails  to  meet  specified  delivery 
milestones for that tranche.

Infrastructure Equipment Leases

We  have  entered  into  five-year  master  equipment  leases  with  Broadcom,  pursuant  to  which  we  receive  such 
hardware  for  deployment  in  dedicated  data  center  facilities  operated  by  others  on  our  behalf  (the  “Lease 
Arrangements”). These Lease Arrangements are accounted for as finance leases. Our rent payments over the life 
of these leases are equal to an aggregate of approximately $161.2 billion excluding interest, with rent payable in 
quarterly  installments  and  payment  obligations  typically  commencing  upon  AI  infrastructure  equipment 
becoming  “ready  for  service”  at  the  applicable  data  center  facility.  Rent  payments  may  commence  earlier  in 
certain circumstances, such as when the readiness of a data center facility is delayed. The Lease Arrangements 
provide us with access to TPU-based compute capacity, a portion of which began to come online in 2026, with 
additional capacity expected to come online starting in 2027. The Lease Arrangements are non-cancelable by 

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