AI Debt Issuance: Hits $344B in 2026

AI-linked debt issuance has already climbed from $136B across all of 2025 to $344B this year, according to P Equity Research data cited by @MRRydon. The breakdown shows $157B from USD hyperscalers, $62B non-USD hyperscalers, $51B data centers, $50B tied to $NVDA and $SPCX, plus $23B in chips. Lenders now scrutinize whether GPUs stay occupied, whether loans refinance and what hardware holds at maturity, turning a data center leased to Google into a safer bet than an empty GPU hotel. Nebius ($NBIS) and CoreWeave ($CRWV) have moved to deepen customer books and software layers while Axe Compute ($AGPU) follows the same path.