AI Hyperscalers Net Long-Term Debt Issuance (Six Companies, Trailing 12 Months)

## What this measures

The sum of six companies' net new long-term borrowing over the trailing four quarters, in billions of US dollars: Alphabet, Amazon, IBM, Meta, Microsoft and Oracle, each from its own filed cash flow statement (proceeds from long-term debt minus repayments). A calendar quarter end is published only when all six have a trailing total ending within the previous 95 days; Oracle's fiscal quarters end a month earlier, so its figure to May is used for June, and so on.

## Why it matters

Through 2024 the large AI spenders funded their data centres from cash flow. In 2025 they began borrowing for it, and the scale of that borrowing is the question behind the IMF's 2026 financial-stability warning about AI debt. This is the filed answer.

## How to read it

The twelve-month total was $18.3 billion at December 2023 and −$15.7 billion at December 2024 (more debt repaid than issued), then $23.2 billion at June 2025, $87.7 billion at December 2025, $188.9 billion at March 2026 and $235.4 billion at June 2026. Net issuance across the six was about $88 billion in calendar 2025 and about $164 billion in the first half of 2026.

## What it does not say

It is filed net cash-flow issuance, not bond-deal volume. The IMF's chart of hyperscaler bond issuance uses Bloomberg deal data (gross bonds sold, by pricing date); this series nets repayments, includes term loans and notes placed outside the public bond market, and dates each flow to the fiscal quarter it settled in, so it runs a little below gross issuance and can lag a deal by a quarter. Its shape matches: near zero in 2023–24, about $90 billion in 2025, about $165 billion in the first half of 2026. Debt raised off balance sheet by data-centre partners, lessors and special-purpose vehicles is not in any of the six cash flow statements and so is not here. It is net new long-term borrowing as filed in the cash flow statement: bonds, term loans and notes, after repayments. It is not a count of bond deals, and a quarter can be negative when more debt matured than was issued. Quarters are derived from year-to-date figures, so a restated filing changes the quarters around it. Finance leases, commercial paper (except where noted) and debt assumed in acquisitions are not issuance here.

## Source

Palanor, computed from the six company series (debt.issuance.<ticker>.ttm_usd_bn), each read from SEC EDGAR XBRL companyconcept facts every week. U.S. government work, public domain; the figures are the companies' own filed numbers.