Five US tech giants hide $1.65T in off-balance-sheet debt, drawing Enron comparisons

AI Companies Are Trying to Hide a Staggering Amount of Debt

Alphabet, Microsoft, Amazon, Meta, and Oracle hold an estimated $1.65 trillion in debt off their balance sheets—more than the $1.35 trillion they officially report. Meta alone accounts for roughly $420 billion. They use special purpose vehicles and legally distinct subsidiaries to keep financing out of sight, making financials look healthier. Accounting consultant Tom Selling told Bloomberg the treatment is 'in fashion' but warns some companies could be a house of cards. The article draws a direct parallel to Enron's 2001 collapse via hidden shell-company debt. The post does not disclose per-company data center spend or repayment timelines.

Why it matters: Nikkei's off-balance-sheet numbers are concrete and directly relevant to the AI capex narrative. Not pushing higher because the article doesn't disclose Nikkei's methodology or data sources — that's a gap worth flagging.