Hyperscalers are hitting demand limits domestically so they are flooding international markets. Last week AMZN issued largest ever Canadian bond offering, GOOGL's JPY deal was the biggest on record.
zerohedge: How fast is AI debt rising? In Q3 '25 total hyperscaler IG leverage was 0.9x. 6 months later it is 1.8x, bigger than all of Energy. It is rising at more than 0.3x turns per quarter (and that excludes SPVs). In one year, hyperscalers will have the highest leverage ex utilities
The author warns of rapidly rising debt among hyperscalers, arguing that domestic demand limits are forcing them to flood international markets with record bond issuances. Sector leverage has doubled in six months and is on pace to become the highest outside of utilities.
Cited as an example of hyperscalers taking on massive international debt (largest ever Canadian bond offering) due to domestic demand limits. (无外部数据佐证)
