AI Hyperscalers Issue $121 Billion in Bonds in 2025, Quadrupling Average

In 2025, AI hyperscalers have raised $121 billion through bond issuances, a figure that is four times their average over the past five years, according to a report. This increase in debt is altering credit-index rankings, as these technology firms surpass the borrowing levels of the largest banks in the U.S. The trend underscores the escalating capital requirements for AI infrastructure, with major players like Microsoft, Amazon, Google, Meta, and Nvidia at the forefront. Additionally, this bond activity affects investment-grade indices, as the debt from hyperscalers constitutes a growing share. This shift highlights the substantial investment necessary for data centers and AI computational capabilities.