Advanced-computing debt issuance climbed past $680 billion by October 2026, five times the level recorded in 2023, driven largely by cloud hyperscalers funding data centers and AI chips. Research estimates put AI-specific debt issuance for 2026 between $466 billion and $500 billion, while the broader total including related sectors lands between $680 billion and over $850 billion. Amazon has issued more than $54 billion in debt, Alphabet around $31.5 billion and Meta around $30 billion, with combined issuance from major tech firms estimated at $200 billion to $370 billion. Some financing flows through off-balance-sheet structures that can keep debt out of plain view and complicate credit analysis. Yields on top data center bonds approached 7% by October 2026 versus below 5% earlier in the year, altering project economics, and projections see roughly 35% of hyperscaler capital expenditures potentially debt-funded in 2027.
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