Wall Street Journal / Yahoo Finance / TIKR · 2026-10-08
Oracle in Talks with Apollo and Goldman Sachs for Off-Balance-Sheet Chip Financing as Debt Tops $169 Billion
Oracle—already carrying >$160B in long-term debt (ranked 5th-largest US corporate bond issuer) with capex hitting $28.5B in a single quarter and its 2066 bond yielding 8.45%—is now pursuing an off-balance-sheet chip-leasing structure with Apollo/Goldman to avoid further overleveraging its BBB/Baa2-rated (negative outlook) balance sheet. The deal, targeting a 1-gigawatt data centre, signals that traditional public bond markets are approaching a ceiling for the most stretched AI-capex borrowers.
Financial Times / Reuters / Bloomberg · 2026-10-08
SpaceX Seeks $40 Billion in Bank Loans and Investment-Grade Bonds to Buy Nvidia AI Chips, Led by Apollo with PIMCO Among Lenders
SpaceX would carry the full $40B on its own balance sheet—$10B in bank loans plus $30B in investment-grade bonds—at a time when its existing debt already reached $39.7B as of June 2026 (up from $30.6B one quarter earlier) and its longest bonds already yield 7.84%. As the only AI-capex borrower in this wave to borrow in its own name rather than through a bankruptcy-remote SPV, SpaceX becomes the clearest test of how much on-balance-sheet AI-infrastructure debt credit markets will absorb.
J-Stock AI (citing Reuters/BNP Paribas data) / Alphabet IR (10-Q) · 2026-10-11
Alphabet Caps Dollar Bond Issuance at Twice a Year as 10-Year Treasury Hits 5.34%, Raising Data-Centre Funding-Cost Stress
Alphabet's treasury team formally guided investors to expect only two USD bond deals per year after its record $25B August offering, while the Oct. 7 10-year Treasury auction pushed benchmark yields to 5.34%—the highest since 2002—and data-centre funding costs to ~6.95%. With hyperscaler spreads already widening (2–4yr bonds now +40bp vs +30bp in 2025; 20yr+ at +118bp), Alphabet's self-imposed issuance cap is the clearest signal yet that AI-capex borrowers are managing bond-market indigestion risk in real time.