Low-Rated AI Firms Raise $88 Billion Amid Rising Skepticism

Low-rated firms in the United States credit market have issued $88 billion in AI-related debt this year, a sharp increase from the $20 billion recorded in the first 11 months of 2025. While capital remains available for AI infrastructure and data centers, investors are growing skeptical of borrowers with unproven future earnings.

Goldman Sachs Private Wealth Management tracked the $88 billion surge, while BNP Paribas reported that high-yield AI infrastructure supply specifically reached $40 billion. Lenders are now demanding higher compensation to mitigate risks associated with high debt levels, project delays, and rapid technological shifts. Borrowing costs for lower-rated AI firms have climbed to between 14% and 15%.

Market volatility is evident in the performance of Zenith Arc, a project company that issued $2.25 billion in notes for an Oklahoma data center; its bonds dropped significantly in value shortly after issuance. In contrast, higher-rated issuers like SoftBank Group, rated BB+, have secured funds this month with yields between 8.625% and 9.75%. Collateralized loan obligation managers are reportedly exercising greater caution when evaluating the collateral and revenue projections of AI borrowers.