Business · Markets · 14 hrs ago
Debt raised for AI projects falls as investors grow more cautious
Companies building artificial intelligence infrastructure borrowed $23 billion in September, less than half the amount raised in August.
The borrowing supports costly projects such as data centers and chips.
AI-related debt issuance peaked at $113 billion in June, and companies have raised an estimated $466 billion so far in 2026.
Investors are becoming more cautious after months of heavy borrowing and are questioning whether the spending will pay off over time.
Opposition to data centers in communities across the United States is also growing because residents worry about effects on water supplies and air quality.
The pullback could make it harder and more expensive for technology companies to finance new projects.
Investors will also be watching proposed financing deals for chip purchases by Broadcom and Anthropic, and by SpaceX, in the coming months.
Global debt issuance linked to artificial intelligence fell to $23 billion in September, less than half the previous month’s total.
The decline followed a record $113 billion raised in June for AI infrastructure, including data centers and chips.
Morgan Stanley said the drop was mainly due to the large volume of debt raised earlier in the year, while investors also questioned the long-term returns on heavy AI spending.
Companies have raised an estimated $466 billion in AI-linked debt so far in 2026, compared with $101 billion in the same period last year.
The shift in investor sentiment may test planned large financings for AI chips, including deals involving Broadcom, Anthropic and SpaceX.
- Who
- Technology companies raising debt for AI projects, and investors providing financing.
- What
- Global AI-related debt issuance fell to $23 billion in September, less than half the previous month’s amount.
- When
- September 2026. The article was published on October 11, 2026.
- Where
- Global debt markets, including the US investment-grade bond market.
- Why
- Investors grew more cautious after heavy borrowing and questioned whether large AI investments would generate long-term returns.
This story does not have two clearly opposing sides.
Day-to-day financing is getting a little more complicated
Everyone is being approached, and everyone is getting a little more rigorous
Companies raised a record $113 billion in debt to help pay for AI infrastructure.
Global AI-related debt issuance fell to $23 billion, less than half the previous month’s total.
Construction was underway at Hut 8’s AI data center campus in Saint Francisville, Louisiana.
- September issuance
- $23 billion in global AI-related debt
- June record
- $113 billion raised for AI infrastructure
- 2026 year to date
- An estimated $466 billion in AI-linked debt raised
- Same period in 2025
- $101 billion in AI-linked debt raised
- Planned financing
- Banks are assembling a $60 billion package for Broadcom and Anthropic
- SpaceX financing talks
- $40 billion to buy Nvidia chips
Sources
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