Borrowing to fund AI data centers is exploding: Investment-grade bond issuance from AI Big Tech firms jumped to a record $88 billion. This comes as Meta, $META, and Oracle, $ORCL, issued $30 billion and $18 billion in debt in September and October, respectively. This was followed by $27 billion in financing through a Special Purpose Vehicle (SPV) formed by Meta and Blue Owl Capital to fund Meta’s Louisiana data center project. Including a $38 billion project-finance loan tied to Oracle’s new AI data centers in Texas and Wisconsin, total borrowing now stands at $126 billion. This represents a +500% increase over the full year 2024. This is also QUADRUPLE the sector's average annual issuance of $32 billion between 2015 and 2024. AI debt is on the rise.