JPMorgan Sees AI Hyperscaler Debt Jump After Amazon’s $54B Bond Sale
JPMorgan led Amazon’s near-record $54 billion investment-grade bond sale and its debt capital markets head forecasts even more AI hyperscaler debt issuance this year. BofA Global Research raised its 2026 hyperscaler bond forecast to $175 billion from $140 billion after the Big Five issued $121 billion in 2025.
1. Amazon’s $54B Bond Sale and JPMorgan’s Role
JPMorgan’s debt capital markets team led Amazon’s near-record $54 billion investment-grade bond sale on March 10–11 across 11 USD tranches and a €14.5 billion offering, reinforcing its leadership in financing hyperscaler infrastructure.
2. BofA Raises 2026 Hyperscaler Debt Forecast
Analysts at BofA Global Research lifted their 2026 hyperscaler bond issuance estimate to $175 billion from $140 billion after the Big Five issued $121 billion in U.S. corporate bonds in 2025, highlighting accelerating AI data center funding needs.
3. Surge in Hyperscaler Debt Issuance
The five major AI hyperscalers issued $121 billion in U.S. bonds last year versus an average $28 billion annually from 2020–2024, with mega-deals by Meta, Alphabet, Oracle and Microsoft underscoring robust investor appetite for AI infrastructure debt.