Hyperscalers including Alphabet, Amazon, Meta, Microsoft, and Oracle issued roughly $121 billion in new debt in 2025, a figure already surpassed in the first half of 2026 with over $170 billion in cumulative issuance. BlackRock sold a $12.5 billion bond in July 2026 carrying a 7.53% yield, an unusually high level for paper tied to two of the most prominent names in finance and technology. Oracle’s bonds, rated Baa2/BBB at the narrowest edge of investment-grade, are nonetheless trading in the secondary market at spreads typically associated with high-yield issuers. Global AI-related debt is projected to reach approximately $570 billion by year-end 2026, up from around $236 billion as of late May 2026. Signs of moderating market enthusiasm are emerging, with declining oversubscription ratios on recent deals.
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