This is inaccurate. A conditional commitment to spend is not necessarily debt.

The difference is whether it is an executory contract.

If I sign a contract committing me to spend $10m in the future, but the other party is obligated to deliver that $10m of services, that is an executory contract and it is not considered a liability under IFRS because the commitment is contingent on the other party performing.

You're mixing this up with property leases, which create a debt because the tenant has obtained a Right of Use (ROU) asset, which is offset by the debt (lease payments). Leasing a property for ten years gives you both an asset and an offset liability, but only once the lease has commenced.

An obligation to pay that is contingent on the other party's performance of a contract is absolutely not a "debt".

Now, once that data center is built and turned over to the client, that may create an ROU that would generate both an asset (the ROU) and the offsetting liability. But if it's some future data center that will be built, it does not.

Even then, once the data center is built, an ROU may not be created: if the commitment is for a million GPU hours, with the seller having some freedom on how to deliver those GPU hours, that does not create an ROU. If it's for 100 specific GPUs for 10,000 hours each, it does, because it's about the right of use for those specific pieces of property.

For lease accounting, the asset and debt are only created at the point the lease begins, not the signing of the contract, so your reference to IFRS isn't relevant here.