The coverage ratio for hyperscaler bond issuance tumbled from 5x in February 2026 to below 2x in July.

Investors are cautious about AI debt as borrowing is projected to hit $570B by 2026. Anthropic's valuation above $1.25T by December at 89.5% YES.

AI-related debt could reach $570 billion in 2026 as bond demand softens and more financing shifts into private credit and off-balance-sheet vehicles, shifting more risks.