It's a weird contract set up so that the hyperscalers can say "it's not debt" while the datacenter builders can say "it is debt". It lets both sides have their cake and eat it to (hyperscalers: "we don't have to pay the $3T until we use it later"; builders: "we have booked $3T of future revenue!") but the musical chairs will stop at some point and then it will be ugly!

See the section "Take-or-Pay is Debt" here: https://www.groundbrkr.com/p/the-teaser-period-why-the-ai-bo... and why this parallels the stacked ARM resets during the 2008 mortgage-backed securities crisis.