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Microsoft Data Center Capex and Sites

Microsoft's audited additions to property and equipment rose from $44,477 million in FY2024 to $64,551 million in FY2025 and $115,948 million in FY2026, with finance leases used heavily for large third-party datacenter shells. In July 2026 it moved to 25-year lease treatment and guided to $175 billion of reported capex for calendar 2026, below its prior $190 billion estimate, framed as accounting-driven rather than demand-driven. Its flagship North American commitment is more than $7 billion in Mount Pleasant, Wisconsin, alongside sites in Georgia, Texas, Arizona, Virginia and Washington. Microsoft is also the most heavily documented case of capacity pull-back, with up to about 2 GW of leases and LOIs cancelled or deferred per TD Cowen, about 1.5 GW of self-build frozen per SemiAnalysis, and a $1 billion Ohio project paused.

Updated October 8, 2026 16 named sites 16 financing transactions 12 sourced facts 72 sources
Microsoft (Azure) logo
Microsoft (Azure)
MSFT
Hyperscaler
Financing regimebalance-sheet capex plus heavy finance leasing of third-party datacenter shells; lease-accounting shift to 25-year terms lowering reported capex
Named sites
16
Site-level commitments the atlas ties to Microsoft (Azure)
Disclosed site capital
$13.6B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
2,000 MW
Sum of named sites with a stated megawatt figure
Financing transactions
16
Transactions naming Microsoft (Azure) or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
FY2023 reported $28.1B
Audited additions to property and equipment, fiscal year ending 30 June
FY2024 reported $44.5B
Audited additions to property and equipment, fiscal year ending 30 June
FY2025 reported $64.6B
Audited additions to property and equipment, fiscal year ending 30 June
FY2025 finance leases reported $20.5B
Finance-lease right-of-use assets obtained, the mechanism Microsoft uses for large third-party datacenter shells; $3,128M in FY2023 and $11,633M in FY2024
FY2026 reported $116B
Additions to property and equipment for the twelve months ended 30 June 2026, versus $64,551 million for FY2025; $35,802 million in the June 2026 quarter alone
FY26 Q4 reported ~$41.0B
Management on FY26 Q4 call: 'Capital expenditures were $41 billion including the impact from higher component pricing'; total finance leases $5.6 billion, primarily for large datacenter sites; cash paid for PP&E $35.8 billion; roughly two-thirds of Q4 capex for short-lived assets, primarily CPUs and GPUs
FY26 Q3 reported $31.9B
Capital expenditures of $31.9 billion, 'down sequentially due to the normal variability from cloud infrastructure buildouts and the timing of delivery of finance leases'; finance leases $4.7 billion, cash paid for PP&E $30.9 billion; quarter ended 31 March 2026
FY26 Q2 reported $37.5B
Q2 FY26 capex was $37.5 billion
CY2026 guidance ≥$175B
Reported capex guidance of $175 billion for calendar 2026, below prior $190 billion estimate; lowered by spreading long-term datacenter leases over 25 years rather than 15; management says calendar 2026 investment expectations otherwise unchanged and FY27 capex will grow year-over-year
FY2027 Q1 guidance ~$50.0B
Expects reported capital expenditures of $50 billion for the fiscal first quarter of 2027
FY2025 guidance ≥$80.0B
Microsoft said it intended to 'invest over $80 billion globally to expand its AI infrastructure in the current fiscal year, which concludes in June' (FY2025); stated as 'over' $80 billion
Named sites

Where Microsoft (Azure) builds

Wisconsin
1 site · $7.0B disclosed
Open the Wisconsin investment tracker →
Texas
5 sites · $2.3B disclosed
Open the Texas investment tracker →
Arizona
2 sites · $1.8B disclosed
Open the Arizona investment tracker →
Indiana
2 sites · $1.0B disclosed
Open the Indiana investment tracker →
Ohio
1 site · $1.0B disclosed
Open the Ohio investment tracker →
Virginia
2 sites · $499M disclosed
Open the Virginia investment tracker →
Georgia
2 sites
Open the Georgia investment tracker →
Washington
1 site
Open the Washington investment tracker →
SiteStatePlaceCapitalMWStatusSources
Mount Pleasant datacenter campus (Fairwater Wisconsin)
with National Grid Renewables
 Wisconsin Mount Pleasant, Racine County ≥$7.0B n.a. construction
Goodyear data center campus
 Arizona Goodyear $1.5B n.a. expansion
Licking County project
Pause announced after a late-December suspension of later Wisconsin stages
 Ohio Licking County $1.0B n.a. paused
Microsoft La Porte data center (Radius Industrial Park)
with City of La Porte, NIPSCO
 Indiana La Porte, La Porte County $1.0B n.a. announced
Texas Research Park plan
 Texas San Antonio $1.0B n.a. announced
SAT93 and SAT94, San Antonio/Medina County
Construction May 2025 to June 2027
 Texas San Antonio, Medina County $700M n.a. construction
Boydton campus, Mecklenburg County
Fetched source page carries no publication date; not a new 2024-2026 commitment
 Virginia Boydton, Mecklenburg County $499M n.a. operating
SAT 82, Castroville
Work set to begin mid-August 2026; aimed completion June 2028
 Texas Castroville ~$400M n.a. announced
El Mirage land acquisition
 Arizona El Mirage $258M n.a. announced
SAT16
 Texas San Antonio ~$215M n.a. announced
Pecos datacenter campus
Announced June 2026
 Texas Pecos n.a. 2,000 announced
Fairwater Atlanta AI datacenter
Began operation October 2025; East US 3 region launching early 2027
 Georgia Atlanta n.a. n.a. operating
Microsoft ATL50 (5235 Stonewall Tell Road, Union City)
DRI initial form filed 15 September 2026; completion 2032
 Georgia Union City, Fulton County n.a. n.a. permitting
Microsoft Granger data center campus (former St. Joe Farm)
with City of Mishawaka (water and sewer provider)
 Indiana Granger, St. Joseph County n.a. n.a. proposed
Microsoft MNZ07 Wellington Data Center (13490 University Boulevard, Gainesville)
Filing reported 16 September 2026
 Virginia Gainesville, Prince William County n.a. n.a. permitting
Quincy datacenters
2026
 Washington Quincy n.a. n.a. operating
Financing

Financing transactions

Transactions that name Microsoft (Azure) as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
OpenAI + Microsoft
Under the restructured partnership announced 28 October 2025, OpenAI contracted to purchase an incremental $250B of Azure services, and Microsoft no longer has a right of first refusal to be OpenAI's compute provider.
 other $250B Announced 28 October 2025 n.a.
Microsoft + OpenAI Group PBC
Microsoft holds an investment in OpenAI Group PBC valued at approximately $135 billion, representing roughly 27 percent on an as-converted diluted basis.
 other ~$135B Announced 28 October 2025 n.a.
MGX + BlackRock + Kuwait Investment Authority + Temasek + Nvidia + xAI + Microsoft + AI Infrastructure Partnership + GIP
MGX is a founding partner of the AI Infrastructure Partnership (AIP), seeking $30 billion of equity scaling to up to $100 billion including debt financing. Kuwait Investment Authority joined in June 2025 and Temasek made an anchor investment at the October 2025 initial closing.
 platform $30.0B n.a. in source; KIA joined June 2025, Temasek anchored October 2025 initial closing n.a.
Anthropic + Microsoft
Under the strategic partnerships announced 18 November 2025, Anthropic committed to purchase $30 billion of Azure compute capacity and to contract additional compute capacity up to one gigawatt, with its initial allocation running on NVIDIA Grace Blackwell and Vera Rubin systems.
 other $30.0B Announced 18 November 2025 n.a.
Nebius Group + Microsoft
AI infrastructure agreement anchored at the Vineland, New Jersey facility, with more than 100,000 GB300 units planned.
 other $17.4B September 2025 Vineland build-to-suit facility (NJ)
Nscale + Microsoft
Expanded Microsoft agreement covering approximately 200,000 Nvidia GB300 GPUs, including ~104,000 at a ~240MW Texas campus, with an option on a second 700MW Texas phase from late 2027. Nscale's Form S-1 filed 18 September 2026 states that statements of work entered with Microsoft between September 2025 and April 2026 provide for payments of up to approximately $43.8 billion through December 2033, not including optional extensions and subject to delivery and availability requirements; the figure spans all Microsoft work, including the Sines, Portugal campus, rather than the Texas campus alone.
 other ~$14.0B deployment starting Q3 2026 Nscale Texas campus (Microsoft) (TX)
IREN + Microsoft
AI cloud agreement deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at Childress, Texas.
 other ~$9.7B November 3, 2025 Childress campus (Horizon 1-4) (TX)
Microsoft + Anthropic
Microsoft said it will invest up to $5 billion in Anthropic alongside the Azure compute commitment announced the same day. Recorded separately from Nvidia's investment; the two are not summed here.
 equity raise $5.0B Announced 18 November 2025 n.a.
QTS Realty Trust + Blackstone + QTS Fayetteville I DC1-2, LLC + Microsoft (tenant) + Citigroup + Goldman Sachs + JPMorgan + Morgan Stanley
QTS sold investment-grade five-year secured notes, known as Project Odyssey, through a bankruptcy-remote SPV that owns two newly built hyperscale buildings with more than 300 MW at its Fayetteville, Georgia campus leased to Microsoft. Crypto Briefing reports Baa3 from Moody's and BBB- from Fitch. Proceeds fund construction and operation plus distributions to QTS unit QualityTech Resolution of the size conflict: MT Newswires (citing Bloomberg) put the financing at about $3.9 billion, around $1 billion more than initially floated, and BigGo reported a completed $3.9 billion issue at a 7.228% final yield with more than $8 billion of orders. The Investing.com wording that the deal was raised by about $1 billion refers to the increase to $3.9 billion, not to a $4.9 billion final size
 project bond ≥$3.9B Marketed 17 August 2026, priced 18 August 2026 QTS Fayetteville campus (Project Odyssey buildings DC1-2) (GA)
Lambda + JPMorgan Chase & Co. + Microsoft + Nvidia
Bloomberg reported that Lambda raised about $1 billion of private short-dated debt, marketed to private placement investors, to buy Nvidia GPUs that will be leased by Microsoft under Lambda's 2025 agreement with Microsoft. JPMorgan declined to comment and Lambda, Nvidia and Microsoft did not respond. The deal followed Lambda's $926 million term loan that closed in August 2026. On 1 October 2026 Lambda announced the closing of a $1 billion investment-grade delayed draw term loan marketed to insurance companies and fixed income investors, its first US fixed rate financing. The facility was oversubscribed, is rated A (low) by Morningstar DBRS and Baa1 by Moody's, and carries a 6.78% fixed interest rate per the release. Proceeds fund the purchase and development of GPU infrastructure for three committed customer deployments with two investment-grade offtakers across multiple data centers; the release does not name the offtakers. J.P. Morgan acted as sole coordinating lead arranger, structuring agent and bookrunner.
 private placement debt (short-dated) $1.0B Reported by Bloomberg 28 August 2026; closing announced by Lambda 1 October 2026 n.a.
Microsoft + St. Joe Farm (seller)
Microsoft acquired nearly 930 acres of farmland from St. Joe Farm in Granger, St. Joseph County, Indiana, for $77.5 million, according to county recorder documents, for a planned data center campus.
 acquisition $78M June 2024 (St. Joseph County recorder documents) Microsoft Granger data center campus (former St. Joe Farm) (IN)
Lambda + Microsoft
Agreement covering GB300 NVL72 systems and tens of thousands of Nvidia GPUs.
 other n.a. November 3, 2025 n.a.
Microsoft + Constellation Energy
Constellation signed a 20-year power purchase agreement with Microsoft to launch the Crane Clean Energy Center, restarting Three Mile Island Unit 1 in Pennsylvania, which was retired for economic reasons in 2019. The restart adds approximately 835 MW of carbon-free capacity, with Microsoft purchasing energy to match consumption at its PJM data centers. Constellation's release cited 3,400 direct and indirect jobs and more than $3 billion in state and federal taxes, with a 2028 restart target; the unit was later reported as tracking ahead of that schedule. Constellation reported on 5 August 2026 that FERC granted a waiver allowing existing Capacity Interconnection Rights to transfer to the Crane Clean Energy Center and that the NRC approved Crane's fuel license amendment, keeping restart on track for 2027. In the same release Constellation said it signed an additional 920 MW of 15 to 20 year nuclear PPAs with investment-grade customers starting 2029 to 2032.
 ppa n.a. Announced 20 September 2024 n.a.
Chevron + Microsoft
Chevron signed a 20-year power purchase agreement with Microsoft to provide 2.67 gigawatts of behind-the-meter power for a Microsoft data center in West Texas, disclosed in Chevron's second-quarter 2026 earnings release filed with the SEC. Chevron had previously announced plans for a West Texas power complex for data center load ahead of a final investment decision. The project is named Kilby: the seller is Chevron subsidiary Energy Forge One LLC with Engine No. 1 as investment partner, about 2.67 GW phased, using GE Vernova and Solar Turbines equipment, with a final investment decision expected by the end of 2026 and first power in 2028
 ppa n.a. Signed Q2 2026; disclosed in Chevron's 31 July 2026 results n.a.
Microsoft
Reported: Bloomberg News reported that Microsoft plans to build data center capacity to about 38 GW by 2032, from about 12 GW today, of which about 2 GW is AI-specific. The capacity would combine self-built and leased capacity, including from neoclouds. Microsoft has not publicly confirmed the 38 GW figure.
 capex guidance n.a. Reported by Bloomberg News, 11 September 2026 n.a.
ChronoScale Corporation + Microsoft
ChronoScale announced plans with Microsoft for a 50 MW AI compute deployment in North America using NVIDIA GB300 NVL72 systems with liquid cooling. The release named no site and disclosed no financing, and the 50 MW is a planned target rather than installed capacity
 gpu services agreement n.a. Announced 27 August 2026 n.a.
The record

Sourced facts on Microsoft (Azure)

  • Purchases of property and equipment remaining in accounts payable were $6.9 billion at 30 June 2025 versus $4.3 billion at 30 June 2024.
  • Reuters contextualised Microsoft's spend as part of '$700 billion in unprecedented Big Tech outlays'.
  • TD Cowen said Microsoft has walked away from data center projects in the US and Europe to the tune of 2 GW, in a note published 26 March that included lease cancellations and deferrals, following earlier speculation about 200 MW walked away from in February 2025; Reuters covered the same analyst thesis as a potential oversupply signal.
  • SemiAnalysis counter-read: the 2 GW of lease cancellations only covers non-binding LOIs, not firm contracts; Microsoft has approximately 5 GW of pre-leased capacity under binding contracts starting operations between 2025 and 2028, but is freezing 1.5 GW of near-term self-build datacenter projects previously scheduled to go online in 2025 and 2026.
  • Estimated delayed or paused envelope for Microsoft per the atlas: up to about 2 GW of leases and LOIs cancelled or deferred plus about 1.5 GW of self-build frozen, and about $1 billion of Ohio capex paused.
  • Microsoft runs a $545,000 Datacenter Academy investment near San Antonio ($0.545 million).
  • The Mount Pleasant, Wisconsin announcement was paired with a 250 megawatt solar project built with National Grid Renewables and a $20 million joint community fund.
  • Microsoft will add three Availability Zones in the US Government Arizona region in early 2026, and will add Availability Zones during 2026 in regions where it already has three, including East US 2 in Virginia.
  • Microsoft is a 'key initial technology partner' but not an equity funder of the Stargate Project, and trade press noted it lost its position as OpenAI's exclusive cloud provider following the $500bn Stargate data center initiative.
  • A specific 2024-2026 Iowa (West Des Moines) dollar commitment is n.a. in this research.
  • On 2 September 2026 Microsoft announced that beginning in fiscal year 2027 it will report under two reportable segments, Agents and Infra and Devices and Consumer, replacing the three-segment structure in place since 2015, and that it will disclose Azure revenue separately for the first time. Reported Azure revenue was $29.42 billion in the June 2026 quarter and $101.94 billion for fiscal 2026.
  • Bloomberg News reported on 10 September 2026, citing people familiar with the plans, that Microsoft intends to reach approximately 38 GW of data center capacity by 2032 from roughly 12 GW today, of which about 2 GW is currently AI-specific and about a third of the 38 GW is expected to be. The figure covers owned and leased facilities and excludes capacity rented from neocloud providers. Microsoft has not publicly confirmed the target, and it is recorded here as a press report rather than a company disclosure.
Sources

Sources for Microsoft (Azure)

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Hyperscaler: one page each

Alphabet / Google 25Amazon (AWS) 20Apple 1Meta Platforms 12Microsoft (Azure) 16Oracle 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
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