Big Tech’s ~$300bn residual-value guarantees keep AI infra debt off the balance sheet

What's the deal? The FT finds Big Tech has offered up to ~$300bn of residual-value guarantees in the past 12 months to back AI data-centre and chip debt — typically booked with little on-balance-sheet exposure — while Morgan Stanley tallies >$3.1tn of broader off-balance commitments/credit support across the sector.

Caveats: The ~$300bn and >$3.1tn figures are FT/Morgan Stanley tallies of disclosed programmes, not audited liabilities. Residual-value guarantees only crystallise if asset values fall short — so headline “exposure” is contingent. Lease-start timing (~2028 for the Ohio SB Energy/OpenAI package) means P&L impact is still mostly prospective.

The signal: The AI build-out’s true risk carrier is increasingly contingent credit support, not the SPV that “owns” the GPUs — which reframes how to read infra IPOs, neocloud debt and “who really holds AI downside” when cash flows lag capex.

Source: Financial Times — Big Tech uses guarantees to keep $300bn of AI exposure off balance sheets.