Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTTatiana Bautzer and Gertrude Chavez-DreyfussMon, June 29, 2026 at 11:05 AM GMT+2 4 min readBy Tatiana Bautzer and Gertrude Chavez-DreyfussNEW YORK, June 29 (Reuters) - As corporate borrowing tied to artificial intelligence shows no sign of slowing, bankers are coming up with new ways to sell ever larger volumes of debt.The surge in spending on chips, cloud infrastructure and data centers has led large technology companies, known as hyperscalers, to increasingly issue bonds in currencies other than the U.S. dollar to tap a wider pool of investors and prevent saturation in the U.S. with colossal volumes of debt. Companies such as Amazon.com and Alphabet have issued $60 billion in bonds in multiple currencies in the last 12 months."Alphabet and Amazon have diversified into other global markets in Europe, Canada, Asia," said Teddy Hodgson, global co-head of investment-grade debt at Morgan Stanley. The large transactions have reshaped global bond markets and established new records for bond sales in euros, sterling and yen.Amazon raised €14.5 billion ($16.56 billion) in March from an eight-part deal, the largest ever in the euro corporate bond market, according to LSEG. Alphabet smashed records across markets, with its yen, Canadian dollar, Swiss franc and sterling deals all setting borrowing records in those currencies, according to LSEG data. Alphabet also sold the first 100-year bond from a tech company since 1997.The deals underscore the extent of funding needs facing hyperscalers. Capital expenditures for hyperscalers this year are estimated at around $725 billion, according to BNP Paribas, nearly double the level seen in mid‑2025. Spending is rising faster than operating cash flow, analysts said, creating the need to access external funding sources.DATA CENTER LEASE-BACKED DEALS RISEMeanwhile, bankers are trying new things when raising funds for AI startups or data center operators, such as structuring deals around pre-arranged data center leases — sometimes agreed upon before construction begins — to provide more visibility on future cash flows.The latest example was an $810 million note issued by Stingray Compute, owned by Cipher Digital, earlier this month. The offer was nine times oversubscribed, said Cody Gunsch, head of North America leveraged finance capital markets at Morgan Stanley.The lending was backed by the data center lease to Amazon. Gunsch said the first deals of this kind, with structures inspired by construction loans, began last year and about 15 have since been sold to high-yield investors. Stingray Compute did not reply to requests for comment on the transaction.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info