The hyperscalers are blowing through the debt markets — Oracle, Meta, Alphabet, and Amazon raised $108 billion in all of 2025 and already $194 billion in 2026 — with rising spreads and falling cover, plus Google's $85 billion equity issuance in early June, signaling a dangerously escalating reliance on external capital.

Microsoft is the one hyperscaler still abiding by the dictum used to deny the existence of a bubble: its CapEx isn’t funded by debt. This was, believe it or not, a defense that could be used for nearly all of Big Tech a year ago; then, between September and November, Oracle, Meta, Alphabet, and Amazon issued a combined $80 billion in debt for building out infrastructure. That was only the beginning: after raising a combined $108 billion in all of 2025, these four companies have, as of July 7, already raised $194 billion this year. Unsurprisingly, spreads are rising, and 86% of the bonds issued this year are already trading at higher yields than at issuance. Cover for recent issuance has fallen to less than 2x, from 5x in February. The real shock, however, came at the beginning of June, when Google announced it would raise $85 billion in equity, including a special $10 billion issuance to the aforementioned Berkshire Hathaway.

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