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Who Is Borrowing for AI: Net Debt Issuance by Company
Net long-term debt issued over the latest four reported quarters, by company, $ billions
Plays the chart through its history. Pauses are where a new leader takes first place.
Palanor calculation from each company's cash flow statement filed on SEC EDGAR: proceeds from long-term debt minus repayments, summed over the four latest fiscal quarters. Oracle's fiscal quarters end a month before the others'. Includes term loans and notes placed outside the public bond market; leaves out debt raised by data-center partners and lessors. Public domain.
How much new long-term debt each of six large AI spenders took on, net of repayments, over its latest four quarters, from the cash flow statements they file with the SEC.
What this chart reads·6 series
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- Meta Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)as “Meta”latest 2026-06-30
- Oracle Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)as “Oracle”latest 2026-08-31
- Amazon Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)as “Amazon”latest 2026-06-30
- Alphabet Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)as “Alphabet”latest 2026-06-30
- Microsoft Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)as “Microsoft”latest 2026-06-30
- IBM Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings)as “IBM”latest 2026-06-30
Sources·6 sources
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Meta Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings). Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromIssuanceOfLongTermDebt; Meta has filed no repayment line (its first bonds were issued in 2022 and the first matures in 2027), so repayments are zero. Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.
Oracle Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings). Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromIssuanceOfSeniorLongTermDebt (fiscal 2021 on), ProceedsFromDebtNetOfIssuanceCosts (fiscal 2016–2022) and ProceedsFromIssuanceOfDebt (to fiscal 2018), the first tag filed in each fiscal year, minus RepaymentsOfDebt; Oracle's commercial-paper line is excluded. Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.
Amazon Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings). Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromIssuanceOfLongTermDebt minus RepaymentsOfLongTermDebt (RepaymentsOfDebt before 2019, identical where both are filed); Amazon's separate short-term debt lines are excluded. Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.
Alphabet Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings). Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromDebtNetOfIssuanceCosts minus RepaymentsOfDebtAndCapitalLeaseObligations (RepaymentsOfDebt before 2015, identical where both are filed). Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.
Microsoft Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings). Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromDebtMaturingInMoreThanThreeMonths minus RepaymentsOfDebtMaturingInMoreThanThreeMonths. Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.
IBM Net Long-Term Debt Issuance (Trailing 12 Months, SEC filings). Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyconcept API (data.sec.gov/api/xbrl/companyconcept), Form 10-Q and 10-K cash-flow facts: ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet minus RepaymentsOfLongTermDebtAndCapitalSecurities. Palanor reads the filings every week and re-derives the whole history each run, so restatements carry through. Fiscal-year starts and quarter ends come from the company's own net-cash-flow spans. U.S. government work, public domain (17 U.S.C. §105); the figures are the company's own filed numbers.
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