Microsoft has signed some $60bn in GPU leasing deals in recent months, up from previous estimates of $33bn in October 2025.

As reported by Bloomberg, the cloud giant has added billions to its committed spend in just the last few weeks.

According to people familiar with the matter, the largest deal is going to Nscale, which, through several agreements, totals around $23bn. That includes a $14bn agreement for capacity in a Texas data center, and a $6.2bn deal signed in September 2025 for capacity in Norway.

The two also have agreements for capacity in the UK and Portugal. The total was not previously known.

November alone has seen Microsoft signing a $9.7bn deal with Iren and a “multi-billion-dollar” deal with Lambda, expanding on a previously agreed leasing contract.

Other major contracts have been signed with Nebius Group, while Microsoft has long been a major customer of CoreWeave.

Since the tally of contracts in early October, Microsoft’s neocloud deals have almost doubled.

While Microsoft is rapidly signing contracts, the company’s CEO, Satya Nadella, revealed earlier this month that the company actually has GPUs to spare.

“The biggest issue we are now having is not a compute glut, but it’s power – it’s sort of the ability to get the builds done fast enough close to power,” Nadella said. “So, if you can’t do that, you may actually have a bunch of chips sitting in inventory that I can’t plug in. In fact, that is my problem today. It’s not a supply issue of chips; it’s actually the fact that I don’t have warm shells to plug into.”

The capacity constraints have long been noted by Microsoft, which has also dramatically stepped up its data center leasing activity to help alleviate the strain. In its most recent quarter, the company spent $11.1bn on leases alone.