S&P Global Warns of Hidden AI Debt at Major Tech Companies

Oct 19, 2026
S&P Global says major technology companies may have more liabilities tied to AI infrastructure than public disclosures show, but it does not currently plan to change their credit ratings.

S&P Global estimates that the largest technology companies may have more liabilities tied to AI infrastructure than currently disclosed, reports Reuters. The ratings firm said financing structures can leave hyperscalers effectively guaranteeing data center projects or smaller AI companies without those obligations appearing in public disclosures.

S&P expects Amazon, Microsoft, Alphabet, Oracle, Meta and SpaceX to spend more than $7 trillion on data centers and other AI capital projects from 2025 to 2030. It expects the companies to have negative free cash flow until at least 2027.

S&P's head of digital infrastructure, Mark Habib, said there is no need to change ratings at present and that S&P does not see a major disconnect behind the recent selloff in bonds linked to the AI buildout. He said the biggest risk to hyperscalers' ratings is that expected profits fail to materialize. It downgraded Oracle to BBB- in July because of concerns about AI spending and an uncertain path to profitability.

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