Financial Times / Reuters · 2026-10-06
SpaceX Seeks $40 Billion Apollo-Led Financing to Buy Nvidia AI Chips — $10B in Bank Loans Plus $30B in Investment-Grade Debt
The single largest AI-capex debt raise reported to date for any issuer in this cohort. SpaceX (BBB-rated, five times more leveraged relative to profits than Alphabet) would nearly double its total debt to ~$80B if the deal closes. The $30B investment-grade bond tranche would be the largest single IG bond deal ever attempted for chip procurement, and with PIMCO among early lenders, it signals private-credit-to-IG crossover financing is becoming the dominant structure for AI capex that outstrips operating cash flow — SpaceX posted a $541M net loss in Q2 2026 on $18.4B of capex.
Benzinga / TradingView (citing bond-screener data as of Oct. 5, 2026) · 2026-10-05
Oracle Long-Dated Bonds Yield 8.43–8.45%, Trading Deep Below Par at BBB-/Baa2 — Secondary Spreads Signal Near-Junk Stress
Oracle's 2065 and 2066 bonds are trading at 73–81 cents on the dollar with YTMs above 8.4%, the highest among all IG hyperscalers. S&P downgraded Oracle to BBB- (one notch above junk) in July 2026 after it burned >$20B in free cash flow over four quarters; Moody's retains a negative outlook. Oracle has $169.1B of total debt vs. $67.2B of equity (71.6% debt-to-capital ratio) and plans to raise another ~$40B in FY2027. The secondary-market pricing now reflects near-speculative-grade credit risk despite the retained IG label.
Bloomberg / S&P Global Ratings · 2026-09-23
Blue Owl / CoreWeave-Tied Data Center Prices $1.1B Junk-Bond at 9.25% Yield — S&P Rates BB-, Flags Single-Tenant Concentration Risk
Five-year notes priced at 98.5 cents / 9.25% yield — ~270 bps wide of comparable-rated HY debt — marking the highest cost of AI data-center financing yet seen in the public bond market. S&P's BB- rating explicitly cited 'exposure to a single speculative-grade tenant' (CoreWeave itself, rated BB- IDR by Fitch with a 6.8x net leverage ratio). Total high-yield AI infrastructure issuance has now exceeded $30B in 2026, and this deal sets a new benchmark spread for CoreWeave-backed collateral, with direct read-across to Digital Realty and Equinix as competing single-tenant data-center credit structures.