Citadel Securities forecasts more than $500 billion in additional public and private debt issuance by 2028 to finance the chips powering artificial intelligence data centers. AI capital expenditure spending is expected to reach approximately $600 billion in 2026, up from roughly $400 billion in 2025, representing a 50% jump in a single year. Morgan Stanley estimates the private credit market for AI data centers could reach around $800 billion by 2028, against a total projected financing gap of $1.5 trillion out of a $2.9 trillion global data center capex outlook. Hyperscalers collectively issued approximately $75 billion in bonds and loans during September and October 2025 alone, while US data center debt hit $25.4 billion in 2025, a 112% year-over-year increase.
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