Take-or-pay contracts appear as "contractual commitments" in 10-K. They are not hidden. That's the way they are reported in all industries where take-or-pay contracts exist. There's nothing nefarious about it.

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drob518 an hour ago | parent [-]

Yes, the contractual obligation shows up, but not the debt the subsidiaries took on. You have to follow the entity structure and look at their books for that piece. And it’ll show up as a different accounting category, “services rendered,” for instance, not as debt repayments.

	▲	dmitriy_ko an hour ago \| parent [-]
		If it's fully-owned subsidiary then debt would appear on parent-company balance sheet. It doesn't show up if it's an independent company, e.g. CoreWeave.