How much of the AI buildout is debt the balance sheets do not show yet, and who carries it if a tenant walks away? Settles Feb 26

Does Meta's Form 10-K for the year ended December 31, 2026 either consolidate the Hyperion joint venture in Louisiana or record a liability above zero for its residual value guarantees to that venture?

Read the 10-K's notes on the Louisiana data center joint venture and on residual value guarantees.

Source: SEC EDGAR, Meta Platforms Form 10-K for the year ended December 31, 2026, notes on variable interest entities and guarantees (CIK 1326801)

• The lease is already debt Signed leases and guarantees are debt today, kept off the books to spare the ratings, on buildings that have no sublease market.
• The cash flows cover it The tenants' cash businesses service the debt; a lab failure hits equity, not bonds, and guarantees are how deals this size clear.

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The Part On the Docket