Photo: Representative Jake Ellzey, a Republican from Texas, James Danly, US deputy secretary of energy, Greg Abbott, governor of Texas, Sundar Pichai, chief executive officer of Alphabet Inc., and Amanda Peterson Corio, global head of data center energy at Google, left to right, during a media event at the Google Midlothian Data Center in Midlothian, Texas, US, on Friday, Nov. 14, 2025. Alphabet Inc.'s Google plans to invest $40 billion in three new Texas data centers, ramping up its footprint as competitors such as OpenAI and Anthropic PBC map out their own multibillion-dollar bets in the state. Photographer: Jonathan Johnson/Bloomberg via Getty Images (Credit: Jonathan Johnson—Bloomberg/Getty Images)
Amazon, Google, Meta, Microsoft, and Oracle are increasingly funding their operations through debt, according to Bank of America analyst Yuri Seliger. This year, these five “hyperscalers” have issued $121 billion in debt, including $27 billion alone to fund Meta’s new data center in Richland Parish, La., Seliger said in a research note dated Nov. 17. Amazon also issued $15 billion in new debt on Nov. 17.
To put that $121 billion in perspective, it’s more than four times the average level of debt ($28 billion) issued by these companies annually over the previous five years, per this Bank of America chart:
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