AI debt tracker: the bonds, loans, and chip SPVs funding AI

Updated Oct 25, 2026 · ledger as of Oct 25, 2026; bond prices as of Oct 22, 2026

We check SEC filings and news for new AI financings, and for changes to the deals below, every day. Last checked Oct 25, 2026, 2:56 PM EDT.

This page lists 124 disclosed financings behind the AI build-out: bonds, convertible notes, bank and private-credit loans, special purpose vehicles and project loans for chips and data centers, and the guarantees chipmakers have written on their customers' obligations. The ones that have priced or closed add up to $660 billion, $337 billion of it in bond sales by Oracle, Meta, Alphabet, and Amazon. Another $275 billion is announced or still being negotiated. Of the bonds we price daily, CoreWeave's cost the most: a median yield of 15.34%, 1,056 bp over Treasuries.

The median AI borrower's bonds yield 491 bp more than Treasuries of the same maturity. The median junk bond in the SPDR Bloomberg High Yield Bond ETF (JNK) yields 245 bp more. That puts the median AI borrower 246 bp above the median junk bond, against 103 bp on Oct 8, 2026, our first reading.

Prices as of Oct 22, 2026, from the daily holdings files of State Street's JNK (high yield) and SPBO (investment grade) ETFs. Spread is yield to maturity minus the Treasury yield at the same maturity, in basis points (100 bp is one percentage point). Changes are in basis points against Oct 15, 2026 and Oct 8, 2026; a positive change means the bonds got cheaper and borrowing got more expensive.

A deal gets a row when a filing, a company or lender release, or a named outlet reports it. Rows marked press-reported rest on news reports and have no filing behind them yet. Amounts are the face value or commitment at the time of the deal, in US dollars; deals in other currencies are converted at the rate on the day they priced.

The status column keeps announced deals apart from closed ones. In talks means a named outlet has reported negotiations. Signed means a binding commitment that has not been drawn. Only priced, closed, funded, and partly funded deals count toward the raised total. Repaid debt stays on the page for the record but is left out, and backstops never count, because they are promises on someone else's debt.

Bond yields come from the same daily readings that feed the cost-of-money score in our AI Bubble Index. That score uses a five-reading median to smooth thinly traded bonds; this page shows the latest reading and drops holiday files that repeat the prior day's prices.

Which AI borrower pays the most to borrow?

CoreWeave. As of Oct 22, 2026, the median CoreWeave bond in our feed yielded 15.34%, or 1,056 bp more than a Treasury of the same maturity, at a median price of 80.22 cents on the dollar. The median AI borrower paid 491 bp over Treasuries and the median junk bond in the SPDR Bloomberg High Yield Bond ETF paid 245 bp.

How much has been borrowed to build AI data centers?

The deals on this page that have priced or closed add up to $660 billion, of which $337 billion is bond sales by Oracle, Meta, Alphabet, and Amazon. Those four companies sold the bonds for general corporate purposes, so not every dollar went into data centers. Another $275 billion is announced, signed, or in talks and has not closed. The totals are face amounts at the time of each deal: they include facilities that have not been fully drawn and do not subtract repayments.

What is an AI chip SPV?

A special purpose vehicle is a separate company set up to own the chips or the data center. It borrows against them and leases them to the company that uses them, so the debt sits on the vehicle's books rather than the user's. Lenders look to the lease payments and, in some deals, to a guarantee from a third party such as the chipmaker. Whether the user has to record the debt depends on the accounting: SpaceX carries its Valor sale-leasebacks as debt because they did not qualify as sales.

Do Nvidia and Broadcom guarantee their customers' debt?

Some of it. The backstops table lists $153 billion of guarantees that Nvidia, Broadcom, AMD, and Alphabet have disclosed on customers' leases and financing vehicles, each counted at its stated maximum or, where no cap is given, at the value of the lease it covers. A guarantee costs the guarantor money only if the customer stops paying.

How often is this page updated?

We check SEC filings and news every day for new AI financings and for changes to the deals already listed, such as a deal in talks pricing or closing. The last check ran Oct 25, 2026, 2:56 PM EDT. New deals and changes are added after they are checked against their source, and each row links to it. Bond prices, yields, and spreads update every weekday from State Street's ETF holdings files, one business day behind the market.

Related: the AI money loop, AI backlog, AI IPO tracker. Not investment advice.