Capital markets are starting to price the capital intensity of hyperscaler AI buildouts, creating tighter financing conditions that affect infrastructure timelines and cost of capital. Per Bloomberg, Amazon returned to the US bond market seeking at least $25 billion to fund AI spending, with initial orders peaking near $62 billion before banks pared interest and demand reportedly settled near 1.6 times the deal size (people familiar with the matter), Bloomberg reports. Reporting from Fortune and Yahoo Finance describes the sale as a "surprise" multi-tranche offering, with orders reported at about 2.5 times the bonds on offer and Amazon taking on about $92 billion of new debt year-to-date, according to Fortune. Amazon's latest earnings recap shows AWS revenue growth of 28% to $37.59 billion, while Yahoo Finance reports Microsoft delivered revenue growth and Azure growth near 40%, illustrating strong operational momentum alongside the heavy financing needs. (Sources: Bloomberg, Fortune, Yahoo Finance.)
Anthropic, OpenAI, and SpaceX are set to rewrite the history books on VC exits