AI capital race sprints into winnowing phase
QQQ•SpaceX unveiled a $40 billion chip-leasing deal, Meta laid out plans to raise up to $95 billion in equity and Anthropic released an IPO prospectus that could raise $100 billion. The fundraising push comes as borrowing costs rise and AI-related stocks and debt face pressure.
1. AI fundraising surges
SpaceX, Meta Platforms and Anthropic earmarked or planned a combined $235 billion in financing in one day. The plans include SpaceX’s $40 billion chip-leasing deal, Meta’s proposed equity raise of up to $95 billion and an Anthropic IPO that could raise $100 billion.
2. Financing costs climb
SpaceX’s lease formula is designed to return the full financed cost over 20 quarters, plus a fixed rate. Lenders reportedly expect interest rates of 7.75% to 8.3%, compared with an effective yield of about 6% for the ICE BofA BBB yield index. Anthropic reportedly offered Blackstone a yield above 10% on junior debt backed by chip lease payments.
3. Spending fuels capital needs
AI capital expenditure could reach $7.6 trillion between 2026 and 2031, while Meta, Amazon.com, Alphabet and Microsoft may issue $420 billion of debt in 2027 alone, Goldman Sachs analysts estimate. Meta shares are down 9% since its stock-issuance plans became clear, and OpenAI has lowered its valuation expectations to $1.25 trillion in funding discussions, CNBC reported.
