Global Markets Daily: AI-Related Debt Issuance: Framing the Scale and Scope

Research evidence excerpt

Global Markets Daily: AI-Related Debt Issuance: Framing the Scale and Scope

Goldman Sachs Global Markets Daily

AI-Related Debt Issuance: Framing the Scale and Scope

The pace of AI-related capital raising in credit markets has been closely watched by

market participants. While most of the attention has been focused on financing activity

from the highly-rated hyperscalers, the pace of year-to-date (YTD) debt issuance has

included a wide universe of AI-related subsectors and firms—across the IG, HY and

leveraged loan markets, globally.

In this Global Markets Daily, we use a broad lens to frame the scale and scope of the

recent AI-related debt issuance, to illustrate the involvement of a mix of markets and

regions.

Exhibit 1: We estimate more than $411 billion of AI-related financing across the global IG

markets so far this year

Gross AI-related issuance ($bn) in the IG market

$bn

/ Finance Services Misc. / REITs Loans Services Misc. Finance Services REITs

/ / / Hyperscalers Term Machinery*/ Hyperscalers Machinery*/ Hyperscalers /Measurement Storage Storage Project Project

/ /

/ / Software Software Components Software Components / Energy/ / IG-rated Energy/ Memory Financing Financing / Equip. Center Center Data / Data Utilities Equip./ Utilities

Center PCs PCs Center

Data Data Semiconductors AI-adjacent: AI-adjacent:

USD IG EUR IG All other IG currencies (GBP,

CHF, AUD, CAD, JPY)

As of July 18, 2026. ‘Hyperscalers’ captures debt issued by the following companies: Alphabet, Amazon, Microsoft, Meta, and

Oracle. Excludes undrawn credit facilities and revolvers, includes term loans and certain non-syndicated loans. For AI-adjacent

sectors (Energy & Utilities, Oil & Gas, Machinery, Chemicals, Metal & Steel), we assume only 30% of gross issuance is

AI-related.