AI companies announce over $200 billion in borrowing and equity deals
AI firms announce more than $200 billion in new financing
AI companies have announced more than $200 billion in new cash borrowing and equity financing deals during the second half of the year.
The PHLX Semiconductor Sector, an index of 30 large US-traded semiconductor companies, shed a quarter of its value in the same period. The index is capitalization-weighted, meaning larger companies have more influence.
Key numbers from the announcements
- More than $200 billion in new borrowing and equity deals announced in the second half of the year.
- $129 billion in combined financing announced since last week alone by Alphabet, SpaceX, Meta, Microsoft and Oracle.
- At least $214 billion borrowed year-to-date in 2026 by AI hyperscalers, compared with $83 billion raised across all of 2025.
- A 27% decline since June 30 in SOXQ, an ETF, which is a fund traded on a stock market that tracks an index.
What the largest companies have announced
Oracle filed $20 billion in fresh debt and equity offerings this week. Meta announced a record $95 billion financing plan. Microsoft priced a $25 billion bond on October 29, described as its first major US debt sale in nine years.
Meta's plan paired $35 billion of stock sales with a $60 billion at-the-market stock sale program. Days earlier, Meta guided $135 billion to $145 billion in 2026 capital expenditures.
Nebius closed a $5.75 billion convertible sale in August. CoreWeave issued $4.2 billion more convertible debt on September 22, and its total debt now exceeds $35 billion.
Stock declines alongside the borrowing
CoreWeave stock has declined 63% from its high this year. Nebius is down 53%.
Oracle is down 55% from its peak this year, Meta 22%, Alphabet 31% and Nvidia 17%.
Claims and estimates that are not confirmed facts
Five-year credit default swaps for CoreWeave, contracts that reflect the cost of insurance against default, breached 1,000 basis points in October.
UBS calculations put hyperscalers' aggregate obligations, including off-balance-sheet commitments, near $3.5 trillion.
Investor Michael Burry told subscribers that Nvidia's more than $500 billion in off-balance-sheet financing has "shades of Enron" and reads as "a sign of desperation." This is Burry's opinion, not a confirmed finding.
Where this information came from
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.