Goldman Sachs estimates that AI-related debt issuance reached $489 billion in 2026, exceeding the $322 billion forecast for 2025. Morgan Stanley projects that global AI-related debt issuance will reach nearly $570 billion by the end of 2026.
Capital expenditure requirements for hyperscalers are expected to exceed $1 trillion in 2027. Meanwhile, aggregate gross leverage among these companies has doubled from approximately 0.9x to 1.8x over the last six months.
The market for riskier credit has seen significant growth, with AI-linked leveraged finance issuance hitting $88 billion in 2026, compared to $20 billion during the same period last year. High-yield AI infrastructure supply reached $40 billion in 2026, up from $12 billion in 2025.
Analysts identified approximately $3 trillion in off-balance-sheet liabilities, including purchase and lease commitments. Both banks report a shift in investor sentiment, with capital increasingly favoring investment-grade offerings over lower-rated borrowers.
