$750 billion of hyperscaler capex this year
US hyperscaler (Amazon, Google, Microsoft, Meta, Oracle) capex for 2026 is expected to be around $750 billion. When we start to add debt issuance to support other companies like Anthropic and OpenAI, this gets even larger.
Hyperscalers becoming major credit issuers – across geographies, currencies, and asset-classes
The hyperscalers have already issued over $150 billion of credit this year – across bonds, private credit, structured credit, and loans. They have tapped USD markets but have also tapped demand in other currencies including euros, yen, pounds and Swiss francs.
Other issuers should plan for the risk of crowding out
For issuers, the take away is to be aware of this issuance so far and upcoming issuance – and to consider bringing forward issuance plans to not end up in markets that are experiencing indigestion from new issuance. For investors, the take away is to consider the upcoming supply in light of your total capacity for this type of debt, and to consider market dynamics (potential for spread widening) as more issuance hits the market.
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