Major AI data center builders have doubled their debt in five years. This borrowing finances an unprecedented spending spree for economic transformation. Investors have backed these companies, buying new bonds issued globally. However, Amazon's recent bond issuance received a chilly reception from buyers. Some companies show balance sheet strain as AI spending accelerates.

AI data center debt hit $25.4B in 2025, up 112% year-over-year. Here's how hyperscalers and crypto miners are financing the AI infrastructure build-out.

Big Tech's AI infrastructure debt has doubled to $350B, with hyperscalers issuing record bonds in Europe, crowding out local scale-ups and signaling a shift from capital-light to…