US data center debt hits $25.4B as AI demand surges

Business Nov 10, 2025

Debt for US data centers soared to $25.4 billion in 2025—more than double last year's total—as the rush to build AI infrastructure heats up.
Tech giants like Meta, Oracle, and Alphabet borrowed a massive $75 billion in just two months, blowing past typical yearly numbers.

Hyperscale data centers

All this borrowing shows how expensive it is to build high-powered "hyperscale" data centers packed with GPUs for AI.
Morgan Stanley thinks spending on these centers could reach $2.9 trillion by 2028, with roughly half requiring external financing.
While big companies have cash cushions, smaller firms are taking on more risk—raising worries about a possible tech bubble if revenues don't match up.