Map / Money and funders
Bond buyers
Public corporate bond buyers. Pension funds, insurers and asset managers buying investment-grade bonds from Big Tech, plus the buyers of data-center securitizations (bonds backed by lease payments).
Depends on
No sourced links yet.
Supplies
- Amazon (AWS): Amazon $15B bond (November 2025, day approximate). Bonds, $15B. Reuters via Yahoo Finance, 2026-02-09
- Amazon (AWS): Amazon's roughly $54B global bond sale: about $37B in dollars (about $126B of orders) plus a debut €14.5B (about $16.8B) euro deal. Bonds, $54B. Yahoo Finance / GuruFocus, 2026-03-13
- Amazon (AWS): Amazon $25B eight-part bond. Peak orders were $62B, about half its March demand. Bonds, $25B. Investing.com, 2026-07-07
- CoreWeave: Convertible notes, 1.75% due 2032 (April 2026). Bonds, $3.5B. CoreWeave (press release), 2026-04-10
- CoreWeave: High-yield unsecured notes in 2026: $1.75B + $1.0B at 9.75% (2031) and $1.25B at 9.625% (2032); excludes €2B 8.5% 2032 notes. Bonds, $4B. CoreWeave (press release), 2026-06-11
- CoreWeave: Convertible notes, 2.875% due 2033 (September 2026). An earlier $3.5B 1.75% convertible is listed on CoreWeave's page. Bonds, $3.7B. CoreWeave (press release), 2026-09-18
- Google (Alphabet): Alphabet $17.5B US bond (November 2025, day approximate), plus a separate €6.5B euro deal the same month. Bonds, $17.5B. Reuters via Yahoo Finance, 2026-02-09
- Google (Alphabet): Alphabet $20B seven-part US bond, followed in 2026 by sterling (including a 100-year bond), Swiss franc, euro, Canadian dollar and yen deals. Bonds, $20B. Reuters via Yahoo Finance, 2026-02-09
- Hyperion JV (Meta, Blue Owl): The rest of the $27B Hyperion bonds bought by other investors. This is our subtraction: $27B total minus Pimco's roughly $18B. Bonds, $9B. Bisnow, 2025-10-22
- Meta: Meta $30B bond, the largest non-acquisition high-grade bond sale ever. Bonds, $30B. Reuters via Yahoo Finance, 2026-02-09
- Meta: Meta long-term debt proceeds in 2026 (consistent with the ~$25B April 2026 bond sale). Bonds, $24.9B. Meta Platforms via SEC EDGAR, 2026-10-21
- Microsoft: Microsoft sold $25.0B of notes in 10 pieces (first bond sale since 2017 per press); proceeds for general purposes including capital expenditures. Bonds, $25B. Microsoft via SEC EDGAR, 2026-10-29
- Nebius: Convertible notes, 1.25% (2031) and 2.625% (2033). Bonds, $4.3B. Nebius / SEC EDGAR, 2026-08-12
- Nvidia: Nvidia's $25B bond in June 2026 (day approximate), its first in five years. Nvidia is itself a big investor in OpenAI ($30B) and xAI. Bonds, $25B. Fortune, 2026-07-17
- Oracle: Oracle $18B investment-grade bond (September 2025, day approximate). Bonds, $18B. Reuters via Yahoo Finance, 2026-02-09
- Oracle: Oracle $25B note sale (February 2026). Bonds, $25B. Reuters via Yahoo Finance, 2026-02-09
- QTS (Blackstone): QTS debut high-grade bond for a Georgia data center with Microsoft as tenant. Bonds, $4.6B. Bloomberg, 2026-04-06
- SoftBank: ¥1 trillion bond for Japanese retail investors, issued earlier in September 2026 (exact day not given). Bonds, $6.3B. Bloomberg/Reuters via The Star, 2026-09-24
- SoftBank: Record high-yield bond sale at 8.625% to 9.75% coupons on the dollar notes, to fund OpenAI. Bonds, $11.1B. Bloomberg/Reuters via The Star, 2026-09-24
- SpaceXAI (xAI): SpaceX (merged with xAI) sold $25B of bonds days after its IPO (exact date approximate). Bonds, $25B. Fortune, 2026-07-17
AI money
Calendar 2025 and 2026 to date (latest tallies run to July to October 2026). Tallies differ by source because of which companies, currencies and dates they count.
Where the money comes from
Nothing sourced yet.
Where it goes
| What | Amount | Period | Detail and source |
|---|---|---|---|
| Other to google-amazon-meta-microsoft-oracle | $93.3B | Calendar 2025 | Vanguard/Bloomberg tally of bond issuance by the five hyperscalers, up from $20.1B in 2024. Other counts: BofA $121B (US bonds, five companies), and Reuters/LSEG about $108B (four companies, excluding Microsoft). IESE gives $109B. Chief Investment Officer (Vanguard calculations on Bloomberg data), 2026-09-24 |
| Other to google-amazon-meta-microsoft-oracle | $132B | 2026 through July 31 | Vanguard/Bloomberg tally. That is 11% of US investment-grade bond supply, against 2% in 2024. Reuters/LSEG counted about $194B for Amazon, Alphabet, Meta and Oracle through July 7 (likely all currencies). Aviva counted about $170B through June 26, with over one-third in non-dollar currencies. Goldman counted about $200B by about October 2026. Chief Investment Officer (Vanguard calculations on Bloomberg data), 2026-09-24 |
| Other to data-center owners (ABS/CMBS) | $61B | 2026 year to date (as of July 2026) | Barclays figure for data-center asset-backed securities and commercial mortgage-backed securities (bonds backed by data-center leases or mortgages). The SFA text calls it 'outstanding issuance', so it may be a stock (total outstanding) rather than 2026 issuance. In March 2026, Diamond Hill gave $40.5B ABS and $18.0B CMBS outstanding. Aviva says secured data-center project bonds were 'approaching $100B' since Meta's October 2025 deal. Structured Finance Association, 2026-07-23 |
Who it depends on for revenue
- Four borrowers dominate: Amazon, Alphabet, Meta and Oracle issued over $300B of bonds from the start of 2025 to mid-July 2026 (Bloomberg calculation). Microsoft issued none in either year, per Aviva's 2026 table. Fortune, 2026-07-17
Money flows with other companies
| Money from | Money to | Type | Amount | What, and source |
|---|---|---|---|---|
| Bond buyers | Amazon (AWS) | Bonds | $54B | Amazon's roughly $54B global bond sale: about $37B in dollars (about $126B of orders) plus a debut €14.5B (about $16.8B) euro deal. 2026-03-13 Yahoo Finance / GuruFocus, 2026-03-13 |
| Bond buyers | Meta | Bonds | $30B | Meta $30B bond, the largest non-acquisition high-grade bond sale ever. 2025-10-30 Reuters via Yahoo Finance, 2026-02-09 |
| Bond buyers | Amazon (AWS) | Bonds | $25B | Amazon $25B eight-part bond. Peak orders were $62B, about half its March demand. 2026-07-07 Investing.com, 2026-07-07 |
| Bond buyers | Microsoft | Bonds | $25B | Microsoft sold $25.0B of notes in 10 pieces (first bond sale since 2017 per press); proceeds for general purposes including capital expenditures. 2028–2066 Microsoft via SEC EDGAR, 2026-10-29 |
| Bond buyers | Nvidia | Bonds | $25B | Nvidia's $25B bond in June 2026 (day approximate), its first in five years. Nvidia is itself a big investor in OpenAI ($30B) and xAI. 2026-06-15 Fortune, 2026-07-17 |
| Bond buyers | Oracle | Bonds | $25B | Oracle $25B note sale (February 2026) 2026-02-02 Reuters via Yahoo Finance, 2026-02-09 |
| Bond buyers | SpaceXAI (xAI) | Bonds | $25B | SpaceX (merged with xAI) sold $25B of bonds days after its IPO (exact date approximate). 2026-06-23 Fortune, 2026-07-17 |
| Bond buyers | Meta | Bonds | $24.9B | Meta long-term debt proceeds in 2026 (consistent with the ~$25B April 2026 bond sale). 9 months to Sep 2026 Meta Platforms via SEC EDGAR, 2026-10-21 |
| Bond buyers | Google (Alphabet) | Bonds | $20B | Alphabet $20B seven-part US bond, followed in 2026 by sterling (including a 100-year bond), Swiss franc, euro, Canadian dollar and yen deals. 2026-02-09 Reuters via Yahoo Finance, 2026-02-09 |
| Bond buyers | Oracle | Bonds | $18B | Oracle $18B investment-grade bond (September 2025, day approximate). 2025-09-24 Reuters via Yahoo Finance, 2026-02-09 |
| Bond buyers | Google (Alphabet) | Bonds | $17.5B | Alphabet $17.5B US bond (November 2025, day approximate), plus a separate €6.5B euro deal the same month. 2025-11-03 Reuters via Yahoo Finance, 2026-02-09 |
| Bond buyers | Amazon (AWS) | Bonds | $15B | Amazon $15B bond (November 2025, day approximate). 2025-11-17 Reuters via Yahoo Finance, 2026-02-09 |
| Bond buyers | SoftBank | Bonds | $11.1B | Record high-yield bond sale at 8.625% to 9.75% coupons on the dollar notes, to fund OpenAI. 3.5 to 7.5 years Bloomberg/Reuters via The Star, 2026-09-24 |
| Bond buyers | Hyperion JV (Meta, Blue Owl) | Bonds | $9B | The rest of the $27B Hyperion bonds bought by other investors. This is our subtraction: $27B total minus Pimco's roughly $18B. To about 2049 Bisnow, 2025-10-22 |
| Bond buyers | SoftBank | Bonds | $6.3B | ¥1 trillion bond for Japanese retail investors, issued earlier in September 2026 (exact day not given). 2026-09-01 Bloomberg/Reuters via The Star, 2026-09-24 |
| Bond buyers | QTS (Blackstone) | Bonds | $4.6B | QTS debut high-grade bond for a Georgia data center with Microsoft as tenant. 2026-04-06 Bloomberg, 2026-04-06 |
| Bond buyers | Nebius | Bonds | $4.3B | Convertible notes, 1.25% (2031) and 2.625% (2033) 2031–2033 Nebius / SEC EDGAR, 2026-08-12 |
| Bond buyers | CoreWeave | Bonds | $4B | High-yield unsecured notes in 2026: $1.75B + $1.0B at 9.75% (2031) and $1.25B at 9.625% (2032); excludes €2B 8.5% 2032 notes 2031–2032 CoreWeave (press release), 2026-06-11 |
| Bond buyers | CoreWeave | Bonds | $3.7B | Convertible notes, 2.875% due 2033 (September 2026). An earlier $3.5B 1.75% convertible is listed on CoreWeave's page 2032–2033 CoreWeave (press release), 2026-09-18 |
| Bond buyers | CoreWeave | Bonds | $3.5B | Convertible notes, 1.75% due 2032 (April 2026) due 2032 CoreWeave (press release), 2026-04-10 |
Amounts in US dollars. "Up to" amounts are maximums or depend on conditions. See Does it add up? for the full picture.
Data as of 2026-10-30. Cite as: Ye, Mike. "Bond buyers" (bond-market). AI Lattice, dataset v0.3.0. https://ailattice.ai/e/bond-market/. How to cite.