AI Companies Are Trying to Hide a Staggering Amount of Debt

A Nikkei Asia investigation says five major US tech firms have about $1.65 trillion in off-balance-sheet debt tied to AI and data center buildouts.

That hidden leverage is larger than the debt they report directly, with Meta alone linked to about $420 billion.

The report says the spending is being financed through special purpose vehicles and other structures that may obscure true financial risk.

Analysts warn the AI boom could face stress if demand or growth falls short, echoing concerns about risky accounting and Enron-like tactics.