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CSP Debt, Issuance and Buybacks
Bonds Issued (Gross, $B), Quarterly and Annual#
Three issuance spikes in the first quarter of 2026 mark the turning point in how this CapEx cycle is funded.Draft, pending review
Source: Public bond filings and media reports; FinSight compilation · Updated 2026-09-03
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Share Buybacks ($B/Quarter)#
Shrinking buybacks are the lead indicator of funding pressure: Google went from $15B a quarter to zero.Draft, pending review
Source: FinSight compilation and estimates · Updated 2026-09-03
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Long-Term Debt Outstanding ($B, Period-End)#
Long-term debt is rising at all five, steepest at Oracle; lease liabilities are not included, so read the two together.Draft, pending review
How to read this chart
Oracle from 2Q25 is estimated from cash flows; Google 2020 to 2022 are annual points. Excludes lease liabilities, so read alongside operating lease liabilities.
Source: FinSight compilation and estimates · Updated 2026-09-03
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Debt ÷ Total Assets (Leverage)#
Debt to total assets stands out only at Oracle; however much the four hyperscalers borrow, their huge asset bases dilute it.Draft, pending review
How to read this chart
Oracle stands out because its expansion is almost entirely debt-funded and its asset base is small.
Source: Public bond filings and media reports; FinSight compilation · Updated 2026-09-03
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Debt ÷ EBITDA (TTM) = How the Rating Agencies Look at It#
Rating agencies watch debt to EBITDA: Oracle has been cut to BBB−, one notch above junk, while the four hyperscalers sit below 0.5x.Draft, pending review
How to read this chart
Downgrades key off this ratio rather than debt to assets, because borrowed cash and finished data centers both inflate the denominator. The shaded band is the BBB stress zone at 3x to 4x. S&P cut Oracle to BBB− with a negative outlook on July 9, 2026, citing adjusted leverage heading to the mid-4x range in fiscal 2027.
Source: FinSight compilation and estimates · Updated 2026-09-03
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