← Depreciating CollateralEren Kahraman · November 2026

Figure 1.2. Hyperscaler borrowing and weight in bond markets

A. Debt issuance by five hyperscalers (USD billion), Period: 2020-2024 annual average, Value: ≈ 30. A. Debt issuance by five hyperscalers (USD billion), Period: 2025, Value: 121. B. Hyperscalers’ share of global investment-grade bond issuance (%), Period: Before 2024, Value: < 1. B. Hyperscalers’ share of global investment-grade bond issuance (%), Period: 2026, Value: 10.

A. Debt issuance by five hyperscalers (USD billion)020406080100120140≈ 302020-2024annual average1212025about four timesB. Hyperscalers’ share of global investment-gradebond issuance (%)Before 2024< 1%202610%each cell = 1%
A. Debt issuance by five hyperscalers(USD billion)020406080100120140≈ 302020-2024annual average1212025about four timesB. Hyperscalers’ share of globalinvestment-grade bond issuance (%)Before 2024< 1%202610%each cell = 1%

Note: The 2020-2024 average in Panel A is derived from the statement that 2025 issuance was about four times the average of the previous five years. Panel A covers Amazon, Alphabet, Meta, Microsoft and Oracle.

Source: Panel A: Bank of America, via Fortune (2025). Panel B: IMF (2026), Global Financial Stability Report, October 2026.

View data table
Figure 1.2. Hyperscaler borrowing and weight in bond markets: data
PanelPeriodValue
A. Debt issuance by five hyperscalers (USD billion)2020-2024 annual average≈ 30
A. Debt issuance by five hyperscalers (USD billion)2025121
B. Hyperscalers’ share of global investment-grade bond issuance (%)Before 2024< 1
B. Hyperscalers’ share of global investment-grade bond issuance (%)202610
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)