Who Pays for the Datacenters: Debt, Leases and the Hidden Cost of AI Capex
Alphabet sold $17.5 billion of bonds in November 2025 with coupons ranging from 3.875 percent to 5.700 percent and maturities stretching to 2075. Three months later, the company returned for another $25 billion, this time in euros at 2.375 percent to 4.375 percent. By February 2026, Alphabet had raised $51.5 billion across three bond offerings, all for the same purpose stated in its prospectus: supporting increased capital expenditures on technical infrastructure, particularly for artificial intelligence products and services. The story is the same at Amazon, Meta, Oracle and Microsoft. The AI infrastructure buildout has become a debt story, one we have been tracking through the supply side…
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