네 개의 대형 하이퍼스케일러가 AI 인프라 구축 자금 마련을 위해 1,310억 달러가 넘는 부채와 지분을 조달하고 있다. 아마존은 단독으로 800억 달러 규모의 대출 한도를 공시했다.

The largest cloud hyperscalers are looking to raise more than $131 billion in debt and equity to fund their ongoing AI buildout.

Amazon, Google, Microsoft, and Oracle have all disclosed funding plans in the last week, with Amazon leading the pack with an $80 billion loan facility. According to an SEC filing, the facility is part of Amazon's supplier financing arrangements for technology infrastructure purchases and can be drawn between Q1 2027 and Q3 2028. The filing describes the loan as "subject to variability based on the extent and timing of purchase orders and pricing terms, of up to approximately $80 billion, which accrue interest at variable rates and mature five years from the date of each borrowing." The filing also notes that as of September 30, 2026, Amazon had an aggregate $20 billion in unsecured revolving credit facilities with syndicates of lenders, consisting of a $15 billion facility from 2023 and a $5 billion one-year agreement from 2025.

In its most recent quarter, Amazon spent more than $77 billion on data centers, AI servers, warehouses, and other capital expenditures, above expectations. The company said it believes total capex for the year will remain in the $220 billion range first shared in July.

Microsoft announced plans to raise $25 billion in bonds to fund its infrastructure expansion. The company's announcement states: "Microsoft intends to use the net proceeds from the offering for general corporate purposes, which may include, among other things, funding for working capital, capital expenditures, repurchases of capital stock, acquisitions, and repayment of existing debt. The offerings are expected to close on November 4, 2026." The bonds carry rates ranging from 4.85 percent to 6.35 percent. Microsoft also posted its quarterly and full-year earnings last week, reporting $45.2 billion in capex for the quarter. It projects spending of $170 billion in 2027, down from its previous estimate of $175 billion.

Oracle revealed plans on Monday, November 2, to raise $20 billion, offering $10 billion in common stock along with $10 billion in floating-rate senior notes. Oracle stated: "The net proceeds of this offering and the concurrent common stock offering, if completed, will be used for general corporate purposes, which may include capital expenditures, repayment of indebtedness, future investments or acquisitions, and payment of cash dividends on or repurchases of our common stock." Oracle's capex is much lower than its competitors', with the company anticipating full-year spending of between $90 billion and $95 billion. On its most recent earnings call for Q1 of FY2027, CEO Clay Magouyrk said Oracle had completed its previously announced $20 billion equity issuance in Q1 2027. The company had previously said it expected to raise $40 billion in debt and equity in FY2027, and with the latest issuance, that goal will have been achieved.

Google, meanwhile, is offering €6 billion ($6.7 billion) in bonds, with rates between 3.7 percent and 5.25 percent. The company's share price took a hit after its quarterly earnings, published last month, revealed negative cash flow of $9.01 billion, well above the expected figure of around $2.7 billion. CFO Anat Ashkenazi told investors the larger-than-expected number was "driven by our investments in capex." Google spent $51.36 billion on capex in the last quarter and maintained its guidance for annual spending of up to $205 billion in 2027, with $300 billion to come in 2028. Its share price fell as much as 11 percent in after-hours trading following the announcement.

While these investment-grade hyperscalers seek financing for their AI infrastructure buildouts, smaller neocloud companies are looking to tap the same markets at a similar scale. Fortune has reported that the money well is beginning to dry up. OpenAI recently slashed its fundraising efforts, and companies are seeing their ratings take a hit as debt ramps up and anxiety grows over whether the spending will pay off. CoreWeave's bond yields recently reached 15 percent, having been issued at 9.67 percent, leading the FT to describe it as "distressed debt."

Much of the debt appears tied to hypothetical contracts. Demand for AI compute exists, but delivering it is complicated and depends on many factors, including land and power availability, compute hardware, and infrastructure. The capital needed to finance all of this is proving to be astronomical. Wall Street veteran Ed Yardeni has posed the question: "Does enough capital even exist to finance everyone's ambitious AI spending plans?"