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S&P Warns AI Infrastructure Debt Is Weakening Hyperscaler Credit

September 11, 2026 at 07:22 EDT

Infra & Chips
Finance
Sales & Business

S&P Global Ratings is warning that the credit quality of major AI hyperscalers is gradually weakening as infrastructure spending accelerates, financing structures become harder to track and returns remain years away. The agency projects that Amazon, Microsoft, Alphabet, Oracle, SpaceX and Meta will spend more than $7 trillion on data centers and AI capital expenditure through 2030. Axios

September 11, 2026 · Credit outlook

AI buildout, financed by debt

S&P says hyperscaler credit quality is gradually weakening as spending, borrowing and financial links across the AI ecosystem expand.

$7T+

Projected hyperscaler AI capex through 2030

$100B

Amazon bond issuance this year

$1.2T

Estimated AI-company debt

The debt network is widening

$450B

Large-bank commitments

$1.2T

AI-company debt estimate

Different measures, same direction: AI financing extends well beyond traditional bank exposure.

Why capital keeps flowing

Data-center vacancy was 1.6% in leading U.S. markets, and 74% of capacity under construction was preleased.

What could transmit losses

A demand shock could pressure startups, hyperscalers, lenders, utilities and data-center operators at once.

The test is simple: can AI revenue and usage grow fast enough to support the infrastructure now being financed?

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