Morgan Stanley projects global AI-related debt issuance will hit $570 billion in 2026. By the end of May, roughly $236 billion had already been issued, putting the market on pace to grow at approximately four times the rate of the prior year.
The money machine behind AI infrastructure
Hyperscaler investment-grade bond issuance, meaning debt from the massive cloud and AI platform operators, surpassed $100 billion in 2025. Morgan Stanley expects net supply in 2026 to climb another 30-50%, landing somewhere between $130 billion and $150 billion.
The bank has been actively structuring major deals in this space. One notable example is a $3 billion debt facility arranged for TeraWulf, the AI and data center infrastructure company, with backing from Google. That deal was announced in September 2025. Core Scientific’s expanded credit facilities represent another piece of the puzzle.
Utilities are getting pulled into the orbit
