AI infrastructure credit index: Q3 2026
How much debt data centres, GPU clouds and hyperscalers raised each quarter, and what it cost, from the InfraCompute deal library.
Q3 2026 volume was US$129.8bn across 44 deals, 12% below Q2 but 57% above the 2025 quarterly average. Rolling four-quarter volume reached US$591bn. Hyperscaler bonds were the largest segment at US$55.4bn.
Debt raised by quarter, US$bn
Disclosed size only. 2026 Q4 to date (US$14.7bn, 7 deals) is not shown.
Volume by quarter
| Quarter | US$bn | Deals | Index | Hyperscaler bonds | Data centre asset finance | GPU and neocloud | Operator corporate and convertible |
|---|---|---|---|---|---|---|---|
| 2024 Q1 | 6.1 | 11 | 7 | 0.0 | 4.0 | 1.3 | 0.7 |
| 2024 Q2 | 14.4 | 12 | 17 | 0.0 | 1.7 | 8.0 | 4.7 |
| 2024 Q3 | 38.9 | 17 | 47 | 0.0 | 0.7 | 0.0 | 38.2 |
| 2024 Q4 | 13.1 | 23 | 16 | 0.0 | 4.1 | 0.0 | 9.1 |
| 2025 Q1 | 25.6 | 22 | 31 | 7.8 | 16.4 | 0.2 | 1.2 |
| 2025 Q2 | 39.2 | 28 | 48 | 7.3 | 12.5 | 0.2 | 19.2 |
| 2025 Q3 | 68.9 | 34 | 83 | 18.0 | 21.2 | 6.0 | 23.6 |
| 2025 Q4 | 196.3 | 45 | 238 | 69.0 | 97.6 | 13.2 | 16.5 |
| 2026 Q1 | 118.3 | 39 | 143 | 66.4 | 9.3 | 28.1 | 14.5 |
| 2026 Q2 | 146.7 | 54 | 178 | 57.3 | 42.2 | 12.6 | 34.6 |
| 2026 Q3 | 129.8 | 44 | 157 | 55.4 | 26.9 | 10.8 | 36.6 |
Pricing gauges, Q3 2026
Simple medians of the deals that disclosed the measure in the quarter.
| Measure | Median | Deals |
|---|---|---|
| GPU loan margin over SOFR | 2.50% | 5 |
| Data centre ABS senior (A-2) coupon | 5.61% | 2 |
| Lease-backed project bond coupon | 7.88% | 3 |
| Convertible note coupon | 2.88% | 5 |
Largest financings in Q3 2026
| Financing | Instrument | Region | US$bn |
|---|---|---|---|
| Amazon USD notes Jul 2026 | Hyperscaler bond (senior unsecured) | North America | 25.0 |
| Alphabet USD notes Aug 2026 | Hyperscaler bond (senior unsecured) | North America | 25.0 |
| Meta El Paso / BlackRock JV (Project Sopaipilla) bonds | HY project bond (DC lease-backed) | US | 12.3 |
| Equinix senior credit facility (2026) | Corporate / platform facility | Global | 5.5 |
| Amazon sterling notes Sep 2026 | Hyperscaler bond (senior unsecured) | North America | 5.4 |
| Nebius convertible notes ($3.0B 0.50% convertible senior notes due 2030 + $2.0B | Convertible notes | Europe / US | 5.0 |
| CoreWeave convertible notes (2.875% convertible senior notes due 2033 (priced $3 | Convertible notes | North America | 4.2 |
| QTS Thunder master indenture (Blackstone) | ABS / securitisation | North America | 3.6 |
| Galaxy senior notes (9.875% senior secured notes due 2031) | HY project bond (DC lease-backed) | US | 3.5 |
| QTS leveraged term loan (Project Magnolia) | Corporate / platform facility | US | 3.2 |
| Virtus UK financing package | Corporate / platform facility | UK | 3.2 |
| Zankore term loan (Senior term loan facility to buy and deploy NVIDIA GPUs) | Corporate / platform facility | 3.1 |
Supplied historical library snapshot, with separate grouping, population and conversion rules. Its quarterly totals are not reconciled to the current Deals headline. The underlying transaction-level population and pricing medians have not been independently reverified for this release; coverage is incomplete.
How the index is built
Debt only, by disclosed size, dated by announcement or pricing. Preferred equity and mandatory convertibles are excluded. Programme rows are counted once (the CyrusOne warehouse and its 2024-2 and 2024-3 ABS sit inside the US$11.9bn programme row), and the Equinix xScale joint venture is excluded because it mixes equity and debt. Segments: hyperscaler bonds; data centre asset finance (ABS, CMBS, construction and project loans, lease-backed project bonds); GPU and neocloud (GPU-backed loans, vendor and lease finance); operator corporate and convertible. Data to 22 October 2026. The next edition follows the end of Q4 2026. Site methodology · Browse the deal register
General information only, drawn from public documents and press reports, which are cited. It is not legal, financial or investment advice. Mention of a company or transaction does not mean the author or any firm acted on it, and nothing here is a view on any company's credit. Views are personal and are not those of any employer or client.
