How much have Amazon and Alphabet raised in foreign-currency bonds?

Amazon and Alphabet together issued $60 billion（約9.6兆円） in bonds across multiple currencies in the last 12 months. Amazon alone raised €14.5 billion ($16.56 billion（約2.6兆円）) in March, and Alphabet set borrowing records in yen, Canadian dollar, Swiss franc, and sterling markets.

What new financing method is being used for AI data centers?

Bankers are structuring deals around pre-arranged data center leases—sometimes agreed upon before construction begins—to provide visibility on future cash flows. About 15 such deals have been sold to high-yield investors since last year.

Why are hyperscalers issuing so much debt now?

Capital expenditures for hyperscalers are estimated at around $725 billion（約120兆円） this year, nearly double the level seen in mid-2025, with spending rising faster than their operating cash flow, creating the need to access external funding sources.

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Hyperscalers tap foreign bond markets as AI capex surges

Yahoo Finance AI6h ago5 min read

Key takeaway

Major technology companies are issuing record-breaking bonds in non-dollar currencies—euros, sterling, yen, and others—to fund their massive artificial intelligence infrastructure spending. This shift reflects both the scale of capital needs (estimated at around $725 billion（約120兆円） annually for hyperscalers, nearly double mid-2025 levels) and the pressure to avoid flooding dollar debt markets, while bankers are developing new financing structures backed by data center leases to fund AI-related projects.

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3 Key Points

What happened
Large tech companies including Amazon and Alphabet have issued $60 billion（約9.6兆円） in bonds across multiple currencies in the last 12 months, with deals in euros, sterling, yen, and other non-dollar currencies setting records in those markets. Amazon raised €14.5 billion ($16.56 billion（約2.6兆円）) in March in the largest euro corporate bond deal ever, and Alphabet issued the first 100-year bond from a tech company since 1997.
Why it matters
Hyperscalers (large cloud providers) face a funding crunch as capital expenditures are estimated at around $725 billion（約120兆円） this year, nearly double the level seen in mid-2025, with spending rising faster than their operating cash flow. By diversifying into global bond markets, they avoid saturation in the U.S. dollar market while tapping wider pools of international investors.
What to watch
Bankers are also pioneering new financing structures for AI startups and data center operators, backing deals with pre-arranged data center leases to provide visibility on future cash flows. About 15 such lease-backed deals have been sold to high-yield investors since last year, with Stingray Compute's $810 million（約1300億円） note issued this month being nine times oversubscribed.

FAQ

How much have Amazon and Alphabet raised in foreign-currency bonds?: Amazon and Alphabet together issued $60 billion（約9.6兆円） in bonds across multiple currencies in the last 12 months. Amazon alone raised €14.5 billion ($16.56 billion（約2.6兆円）) in March, and Alphabet set borrowing records in yen, Canadian dollar, Swiss franc, and sterling markets.
What new financing method is being used for AI data centers?: Bankers are structuring deals around pre-arranged data center leases—sometimes agreed upon before construction begins—to provide visibility on future cash flows. About 15 such deals have been sold to high-yield investors since last year.
Why are hyperscalers issuing so much debt now?: Capital expenditures for hyperscalers are estimated at around $725 billion（約120兆円） this year, nearly double the level seen in mid-2025, with spending rising faster than their operating cash flow, creating the need to access external funding sources.

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