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
zerohedge: $236 BN in AI investment grade debt has been issued YTD, 357% increase YoY
The author highlights a rapid and significant accumulation of investment-grade debt among AI hyperscalers, noting that leverage has doubled in six months and is projected to become the highest excluding utilities within a year.
关键要点
Total hyperscaler investment-grade leverage doubled from 0.9x to 1.8x in just six months, surpassing the entire Energy sector.
Leverage is increasing at a rate of over 0.3x turns per quarter, excluding Special Purpose Vehicles (SPVs).
$236 billion in AI investment-grade debt has been issued year-to-date, representing a 357% year-over-year increase.
