Whenever there are concerns about the debt‑financed data‑centre build‑out of AI hyperscalers, optimists point to their strong core cash flows, low net leverage of 0.5 times versus 0.8 times in tech, and better credit ratings. Yet the industry has found creative ways to raise capital that hide behind balance‑sheet optics. The first big example was Meta’s record $27bn bond for the Hyperion site in Louisiana, issued through a fia‑joint venture, Beignet, with Blue Owl.

Meta owns only 20 % of Beignet but has a 20‑year lease guarantee, allowing the debt to stay off Meta’s books. Since then, other hyperscalers have adopted ตาม‑style leases and other off‑balance‑sheet arrangements to raise trillions. Goldman Sachs now counts $1.5tn of lease commitments—about $1tn that never appears in standard financial statements—up from roughly $200bn five years earlier.

These obligations, along with purchase commitments for computing power, chips and electricity, add another $982bn across Alphabet, Microsoft, Amazon, Nvidia and Oracle. While bond yields have risen (Beignet now trades at 6.95 %), the focus remains on whether the capital‑intensive data‑centre spend ultimately delivers the expected returns.