AI debt issuance hits $466B through September, over 4x last year's pace

Beth_Kindig · x · 2026-11-06

Per Morgan Stanley, cumulative AI-related debt issuance (public corporate bonds and private placements) reached $466 billion through September — more than 4x the $101 billion raised in the same period of 2025.

Goldman Sachs counts differently: AI-related debt hit $489 billion by late July, well above the $322 billion raised across all of 2025, with hyperscalers accounting for roughly 40% ($194B). The two banks' methodologies differ, so compare within each panel rather than across them.

The takeaway: AI capex is increasingly financed by debt markets rather than operating cash flow alone, raising leverage-risk questions.

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