AI infrastructure debt surges to $346 billion in 2026, Barclays warns of widening credit spreads

September 30, 2026 at 02:43 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Total capital raised by hyperscalers, data center SPVs, and neo-clouds reached $346 billion in 2026, more than double the $172 billion raised in 2025, according to Barclays strategist Venu Krishna. Credit spreads have widened materially for investment-grade and high-yield bonds across the sector, while credit default swap spreads have risen sharply for all hyperscalers in 2026. Alphabet, Amazon, Meta, Microsoft, and Oracle collectively raised about $159 billion in bonds through early June 2026, a 47% increase from all of last year.

Key Facts

Total capital raised by hyperscalers, data center SPVs, and neo-clouds rose from $172 billion in 2025 to $346 billion in 2026, an increase of more than 100%, according to Barclays strategist Venu Krishna.
Alphabet, Amazon, Meta, Microsoft, and Oracle collectively raised about $159 billion in bonds through early June 2026, a 47% increase from what these companies issued all of last year.
Goldman Sachs projects issuance from these five hyperscalers will reach about $250 billion for the full year 2026, climbing to $400 billion in 2027.
OpenAI is reportedly eyeing a fresh $30 billion capital raise from investors instead of going public, which could value the company around $1.4 trillion.
Anthropic raised $65 billion in late May at a post-money valuation of $965 billion.

Debt Market Warning Signs

Barclays strategist Venu Krishna says debt markets are beginning to flash warning signs as they try to absorb the unprecedented credit supply hitting the market. Over the past two quarters, credit spreads have widened materially for investment-grade and high-yield bonds, as well as convertible bonds, across hyperscalers, data centers, and neo-clouds. Credit default swap spreads have risen sharply for all hyperscalers in 2026, Krishna points out.

Capital Raising Surge

Alphabet became the first tech company in decades to issue a 100-year bond, raising $31.51 billion in February across its global bond offering. Goldman Sachs projects issuance from Alphabet, Amazon, Meta, Microsoft, and Oracle will reach about $250 billion for the full year 2026, climbing to $400 billion in 2027. OpenAI is reportedly eyeing a fresh $30 billion capital raise from investors instead of going public, which could value the company around $1.4 trillion. Anthropic raised $65 billion in late May at a post-money valuation of $965 billion.