How they hide the trillions in off balance sheet debt: Meta and Google both disclose that they do not consolidate data center SPVs because they determined they do not have power to direct the VIE's activities. For example, something as simple as Meta's lack of control over negotiations with future lease tenants and property sales is sufficient to not consolidate the SPV under the primary beneficiary model, and related debt remains off balance sheet until the lease begins.(zerohedge)