Technology giants that once had little reason to borrow are now moving into the bond market to finance AI data center buildouts, according to MSX. The firm said U.S. AI-related borrowing has already reached a record in 2026, with issuance spreading from hyperscale cloud companies to highly leveraged GPU-focused neocloud operators.
Issuance totals climbed sharply this year
MSX said Amazon topped the list with $92 billion in debt issued this year. The company also made the unusual statement that it does not plan to borrow again before the end of the year.
Across six AI issuers, total debt issuance reached $182 billion, compared with about $13 billion in the same period last year, an increase of more than 10 times.
Oracle moved into second place through $66 billion in off-balance-sheet SPV financing, taking its combined total to $91 billion.
Leverage pressure is more visible among newer cloud players
MSX also singled out CoreWeave, saying it has $25 billion in interest-bearing debt and that quarterly interest expense has already consumed about one-quarter of its revenue.
In MSX’s assessment, AI investment is shifting from a model built on retained profits to one driven by borrowing. The firm described that change as a key signal for the current cycle: demand still looks firm, but risk is gradually moving away from shareholders and toward the debt market.
The next dividing line is returns versus interest costs
MSX said the main question is whether returns on AI spending can outpace interest expense. Large technology companies with stronger credit profiles may be better positioned to carry that burden, while highly leveraged neocloud firms are more sensitive to both AI demand and interest-rate moves.
The firm pointed to July 30 earnings from Amazon, Microsoft and other companies as an important checkpoint. Capital expenditure guidance and free cash flow will help determine whether this growing debt pile reflects financial confidence or a developing vulnerability.
About MSX
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