Hyperscaler Bond Issuance: Every Deal, Coupon and Total
· Updated
Amazon, Alphabet, Meta and Microsoft have sold $224.3 billion of bonds this year so far, 2.7 times last year's $82.7 billion. With Oracle it's $259.3 billion across 16 deals. Borrowing is getting dearer too: Oracle's newest seven-year bonds pay 7.85% a year, against 5.35% in its previous deal.
| Company | Bonds sold this year | Deals | Bonds sold last year |
|---|---|---|---|
| Amazon | $94.6bn | 5 | $15.0bn |
| Alphabet | $79.6bn | 7 | $37.7bn |
| Microsoft | $25.0bn | 1 | $0 |
| Meta | $25.0bn | 1 | $30.0bn |
| Big four | $224.3bn | 14 | $82.7bn |
| Oracle | $35.0bn | 2 | $25.8bn |
| Five builders | $259.3bn | 16 | $108.4bn |
SEC-registered bond deals by each company, by the day they were priced. Euro, sterling, Canadian dollar and yen deals are converted to dollars at that day's rate. CoreWeave, a smaller AI cloud company, sells its bonds privately and is shown further down.
Amazon alone raised $94.6 billion. Microsoft, which hadn't sold a new bond in more than six years, priced $25 billion in one deal.
Why are the hyperscalers selling so many bonds?
Because their spending on data centers and chips now costs more than their businesses bring in. That spending is capital expenditure, or capex. What's left after it is free cash flow, and in the latest quarter it was negative at Amazon, Alphabet, Meta and Oracle, as 
hyperscaler free cash flow by quarter shows. Only Microsoft still had cash to spare. A bond fills the gap: investors lend a fixed amount today, the company pays a fixed rate of interest, called the coupon, every year, and pays the money back at maturity.
Over the latest 12 months, the four giants sold about $264.2 billion of bonds. Over their latest four reported quarters they spent $615.4 billion on capex and had $61.5 billion of free cash flow left. So bonds paid for about 43 cents of every capex dollar, four times what was left over after spending.
Bonds aren't the only source. Alphabet and Meta have also sold new shares, Oracle has a $10 billion share sale under way alongside its newest bonds, and Amazon signed a $17.5 billion bank loan. This page counts only the bonds.
Every deal this year
Newest first. A tranche is one bond within a deal, with its own coupon and maturity; most deals sell five to ten at once.
| Company | Currency | Size | In dollars | Tranches | Coupons | Longest |
|---|---|---|---|---|---|---|
| Oracle | Dollar | $10.0bn | $10.0bn | 5 | 7.00% to 8.65% | 20 years |
| Alphabet | Euro | €6.0bn | $6.7bn | 7 | Floating, 3.70% to 5.25% | 19 years |
| Microsoft | Dollar | $25.0bn | $25.0bn | 10 | Floating, 4.85% to 6.35% | 40 years |
| Amazon | Sterling | £4.25bn | $5.8bn | 4 | 5.20% to 6.65% | 19 years |
| Alphabet | Dollar | $25.0bn | $25.0bn | 10 | Floating, 4.50% to 6.50% | 40 years |
| Amazon | Dollar | $25.0bn | $25.0bn | 8 | Floating, 4.60% to 6.25% | 40 years |
| Amazon | Canadian dollar | C$14.0bn | $10.0bn | 5 | 3.40% to 5.00% | 30 years |
| Alphabet | Yen | ¥576.5bn | $3.6bn | 7 | 1.97% to 4.60% | 40 years |
| Alphabet | Canadian dollar | C$8.5bn | $6.2bn | 4 | 3.65% to 5.00% | 30 years |
| Alphabet | Euro | €9.0bn | $10.5bn | 6 | 3.20% to 4.80% | 37 years |
| Meta | Dollar | $25.0bn | $25.0bn | 6 | 4.55% to 6.45% | 40 years |
| Amazon | Euro | €14.5bn | $16.8bn | 8 | Floating, 2.80% to 4.85% | 38 years |
| Amazon | Dollar | $37.0bn | $37.0bn | 11 | Floating, 3.85% to 6.05% | 50 years |
| Alphabet | Sterling | £5.5bn | $7.5bn | 5 | 4.13% to 6.13% | 100 years |
| Alphabet | Dollar | $20.0bn | $20.0bn | 7 | 3.70% to 5.75% | 40 years |
| Oracle | Dollar | $25.0bn | $25.0bn | 8 | Floating, 4.55% to 6.85% | 40 years |
"Floating" means the deal included bonds whose rate resets every quarter with short-term interest rates. Longest is the maturity of the longest bond in the deal. The pricing day and prospectus for each deal are in How we built this.
- Size. Amazon's $37 billion dollar deal is the largest on the list. Microsoft, Meta, Alphabet and Amazon have each sold a single deal of $25 billion or more.
- Length. A third of the money borrowed is due in 20 years or more. Alphabet sold a 100-year sterling bond, and Amazon a 50-year dollar bond.
- Currencies. A quarter of the money came from outside the US dollar market: $34.0 billion in euros, $16.3 billion in Canadian dollars, $13.3 billion in sterling and $3.6 billion in yen. Selling in several markets reaches more lenders and keeps any one market from being swamped.
Is borrowing getting more expensive?
Yes, for everyone, and much faster for Oracle. The cleanest comparison is the seven-year dollar bond, which every dollar deal this year included. Its coupon has two parts: the yield on a seven-year US Treasury that day, and the extra, or premium, lenders demand for lending to that company instead of the government.
| Seven-year dollar bond, oldest deal first | Coupon | Seven-year Treasury | Premium |
|---|---|---|---|
| Oracle, previous deal | 5.35% | 4.05% | 1.30 points |
| Alphabet, first deal | 4.40% | 3.97% | 0.43 points |
| Amazon, first deal | 4.55% | 3.93% | 0.62 points |
| Meta | 4.875% | 4.20% | 0.68 points |
| Amazon, latest | 5.10% | 4.40% | 0.70 points |
| Alphabet, latest | 5.20% | 4.53% | 0.67 points |
| Microsoft | 5.35% | 4.87% | 0.48 points |
| Oracle, latest | 7.85% | 4.79% | 3.06 points |
The Treasury yield rose by up to 0.9 points between these deals, so every company's coupon rose. The giants' premium barely moved: it stayed between about 0.4 and 0.7 points, close to what lenders charge the US government. Microsoft, rated AAA, the top grade, paid the smallest premium of any deal since Alphabet's first.
Oracle's premium more than doubled, from 1.30 points to 3.06. Lenders now charge it far more for its debt load: it owes about $88 billion more than it holds in cash, and it spends more on capex than its operations bring in.
Coupon on each deal's seven-year dollar bond minus the seven-year Treasury yield on the day it was priced, oldest deal first.
What does the new debt cost a year?
About $13.0 billion a year in interest. That's the coupon on the fixed-rate bonds the five sold this year, before the $10.1 billion of floating-rate bonds, whose cost moves with short-term rates.
| Company | Fixed-rate bonds this year | Yearly interest | Average coupon |
|---|---|---|---|
| Amazon | $89.1bn | $4.3bn | 4.87% |
| Alphabet | $77.6bn | $3.7bn | 4.81% |
| Oracle | $34.5bn | $2.2bn | 6.38% |
| Meta | $25.0bn | $1.4bn | 5.73% |
| Microsoft | $23.0bn | $1.3bn | 5.58% |
Alphabet's and Amazon's averages are lower partly because euro, Canadian dollar and yen bonds pay lower coupons than dollar bonds. They have to be repaid in those currencies, so a weaker dollar would raise the cost.
For a shareholder, Oracle's numbers matter most. Its newest $10 billion costs $777 million a year at an average coupon of 7.77%. The same amount at the 5.82% average of its previous deal cost $582 million. That's about $195 million a year more for the same borrowing, every year until the bonds mature. For the four giants, the extra interest is small next to their profits; the debt tracker puts their interest bills at 2% to 7% of operating income.
What about CoreWeave?
CoreWeave, which rents AI computing power and builds almost entirely with borrowed money, sold $14.5 billion of notes this year in five sales, more than twice last year's $6.3 billion. It sells them privately to large institutions rather than registering them with the SEC, and it reports each deal in an 8-K filing.
| Notes, newest first | Size | Coupon | Matures in |
|---|---|---|---|
| Convertible notes | $4.2bn | 2.875% | 7 years |
| Dollar senior notes | $1.25bn | 9.625% | 6 years |
| Euro senior notes | €2.0bn ($2.3bn) | 8.50% | 6 years |
| Senior notes, including an add-on a week later | $2.75bn | 9.75% | 5 years |
| Convertible notes | $4.0bn | 1.75% | 6 years |
Its ordinary bonds pay 8.5% to 9.75%, about twice what the giants pay. The convertible notes pay far less because buyers can swap them for CoreWeave shares if the price rises enough, which would dilute existing shareholders. More in CoreWeave's capex and debt.
Our read
The giants are paying for the AI build-out with long-dated bonds, sold in record size, in every major currency. That isn't a sign of trouble for Amazon, Alphabet, Meta or Microsoft. They still borrow at well under one point above government-bond rates, and the interest is small next to their profits. It does mean the build-out now depends on bond investors as well as cash flow. A year ago Microsoft paid for everything from its own cash. This year it borrowed $25 billion.
The warning sign is the premium. Lenders still charge Microsoft and Alphabet less than 0.7 points over Treasuries, but Oracle's premium jumped from 1.30 to 3.06 points within this year. If the next deal from Meta or Amazon shows a jump like that, lenders will be pricing risk into the giants, too.
What to watch: the premium on each new seven-year dollar bond, whether Microsoft borrows again, and how much of the next quarter's capex is paid with new bonds rather than cash flow. We update this page after each deal.
For what the companies owe in total and how much cash they hold, see the hyperscaler debt tracker. For obligations that don't show up as debt at all, see their off-balance-sheet leases. For the spending itself, see the hyperscaler AI capex tracker and Oracle's capex plans.
Frequently asked questions
How much debt have the hyperscalers issued this year?
Amazon, Alphabet, Meta and Microsoft have sold $224.3 billion of SEC-registered bonds this year so far, against $82.7 billion in all of last year. Including Oracle, it's $259.3 billion.
Which hyperscaler has borrowed the most?
Amazon, with $94.6 billion across five deals in dollars, euros, Canadian dollars and sterling. Alphabet is next with $79.6 billion across seven deals in five currencies.
Did Microsoft issue bonds?
Yes. Microsoft priced $25 billion of notes in ten parts, its first new bond sale in more than six years. Coupons run from 4.85% on two-year notes to 6.35% on 40-year notes, plus two floating-rate notes.
How much has Meta raised in bonds?
$25 billion this year, in one six-part deal with coupons from 4.55% to 6.45%, after a $30 billion deal last year. Meta has since also sold new stock and convertible preferred shares, which aren't bonds and aren't counted here.
Limits of this data
- Only bonds registered with the SEC are counted for the five builders. Bank loans, commercial paper and the debt of joint ventures and lease partners, such as Meta's data center ventures, are left out.
- Non-dollar deals are converted at the European Central Bank reference rate on the pricing day; their dollar value moves with exchange rates after that.
- Alphabet's and Oracle's newest deals are taken from their pricing term sheets; the final prospectuses weren't yet filed.
- A coupon is the rate set at sale. The yield a buyer gets also depends on the price paid, which for these deals was close to face value, so the premiums are close to, not exactly, the spreads bankers quote.
How we built this
Deals are every Form 424B2 or 424B5 prospectus supplement for notes filed on SEC EDGAR by Amazon, Alphabet, Meta, Microsoft and Oracle, with sizes, coupons and maturities from the cover page or pricing term sheet. "This year" runs from January 1, 2026 to November 2, 2026; "last year" is calendar 2025. Tenors are the maturity year minus the year of sale. Pricing days and sources for this year's deals:
- Oracle:
February 2, 2026,
- Alphabet:
- Amazon:
- Meta:
- Microsoft:
- CoreWeave: 8-K filings for the
Last year's deals: Oracle (January 30 and September 24, 2025), Alphabet (dollar and euro deals on April 28 and 29 and November 3, 2025), Meta (October 30, 2025), Amazon (November 17, 2025), and CoreWeave's three private deals (May, July and December 2025). The "seven-year" comparison uses each deal's dollar notes due 2033, against the seven-year yield on the Treasury's daily par yield curve for each pricing day. Yearly interest is principal times coupon on fixed-rate bonds, converted at the pricing-day rate. Oracle's net debt is from the
hyperscaler debt tracker, as of August 31, 2026. The 12-month bond total runs from November 3, 2025 to November 2, 2026: this year's deals plus Alphabet's $17.5 billion dollar and
€6.5 billion euro deals of November 3, 2025 ($7.48 billion at that day's ECB rate of 1.1514) and Amazon's $15 billion deal of November 17, 2025. Capex and free cash flow are purchases of property and equipment and operating cash flow minus them, for the four quarters to September 30, 2026, from
hyperscaler free cash flow by quarter; the bond window runs about a month later than the capex window.
Go deeper with member research
Public bonds are only the part of AI financing you can see in a prospectus. Issue 05: NVIDIA Is Building the Credit Market for AI covers the loans behind them: how GPU servers became collateral, why CoreWeave's borrowing margin fell from SOFR plus 9.6 points to plus 2.25 on a rated facility, and which insurers and private-credit funds now hold the risk when a builder has to pay up.
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