Capital raised by hyperscalers, data-center special purpose vehicles and neo-clouds (specialized cloud providers) through investment-grade debt, high-yield debt and equity climbed from $172 billion in 2025 to $346 billion so far in 2026, according to Barclays strategist Venu Krishna. The more than 100% increase is putting pressure on debt markets, where credit spreads have widened materially over the past two quarters across bonds issued by hyperscalers, data centers and neo-clouds. Credit default swap spreads, which indicate the cost of insuring against corporate default, have also risen sharply for all hyperscalers in 2026. Alphabet, Amazon, Meta, Microsoft and Oracle raised about $159 billion through bond sales by early June 2026, 47% more than their combined issuance during all of last year. Alphabet issued $31.51 billion in February through a global bond offering, including a 100-year bond that made it the first technology company in decades to sell debt with that maturity. Goldman Sachs projects issuance from the five hyperscalers will reach about $250 billion in 2026 and $400 billion in 2027. On the equity side, OpenAI is reportedly considering a $30 billion funding round instead of going public, potentially valuing the company at around $1.4 billion. Anthropic raised $65 billion in late May at a post-money valuation of $965 billion. The scale of the fundraising means Big Tech's AI plans must deliver as expected to avoid leaving bondholders exposed alongside shareholders. The article was written by Brian Sozzi, Yahoo Finance's Executive Editor and host of the Sozzi Unleashed morning show and the Power Players With Brian Sozzi podcast; he is also a member of Yahoo Finance's editorial leadership team. Sozzi can be followed on X at @BrianSozzi, Instagram and LinkedIn, and story tips can be emailed to brian.sozzi@yahoofinance.com.