Hyperscalers Sell $155B Bonds While Data Centers Raise $40B in AI Debt
BX•Blackstone faces rising AI debt issuance as hyperscalers sold over $155B of unsecured bonds, a 45% jump from last year. Data center financings including Hut 8’s $4B bond sale and a $36B issuance for Anthropic chip purchases highlight overbuilding risk with firms forecasting $5T in AI capex in five years.
1. Hyperscaler Bond Surge
US tech hyperscalers have sold over $155B of unsecured bonds globally so far this year, marking a 45% increase over 2025 issuance totals. This surge reflects robust liquidity needs as firms finance AI infrastructure and chip purchases.
2. Data Center Debt Deals
Data center operators are tapping the debt markets aggressively, highlighted by Hut 8 Corp’s $4B bond sale and a $36B note issuance for AI model developer Anthropic’s chip acquisitions. These transactions underscore growing financing activity in this niche.
3. Overbuilding and Credit Risk
Extended construction timelines for data center projects raise the specter of overcapacity, potentially straining creditworthiness if AI-driven demand softens. Debt maturing decades ahead may face valuation challenges if technology evolves faster than project lifecycles.
4. Implications for Credit Investors
With projections pointing to $5T in corporate AI capital expenditures over the next five years, credit managers like Blackstone must adopt rigorous selection criteria, favoring issuers with strong balance sheets or protective structures to withstand cyclical downturns.
