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.

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.