US hyperscalers have issued approximately $220 billion in AI-linked debt as of mid-August 2026, up from just $12.5 billion a year earlier, representing a 17x increase in roughly twelve months. Amazon recently priced a $25 billion bond offering at approximately 120 basis points over Treasuries, significantly wider than previous issuances. Tech investment-grade spreads now sit at 89 basis points over Treasuries, 9 basis points wider than the broader investment-grade market. New deals have required 10 to 15 basis points in concessions to attract investors, signaling growing market fatigue. Goldman Sachs has estimated AI-related debt could reach roughly $489 billion by mid-2026, while Morgan Stanley’s global forecast runs as high as $570 billion.
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