S&P Warns AI Infrastructure Deals May Conceal Debt Risk
S&P has warned that guarantees and lease structures could obscure liabilities as major hyperscalers sharply increase AI infrastructure spending.
What happened
S&P has warned that guarantees, leases and other financing structures used in AI infrastructure deals may make liabilities harder to see. It expects six major hyperscalers to spend more than $7 trillion on AI infrastructure between 2025 and 2030.
The assessment did not result in immediate ratings changes.
Why it matters
Data centres, power capacity and advanced chips require enormous upfront investment. When commitments sit in leases, special-purpose vehicles or supplier arrangements, conventional debt measures may not fully capture a company's economic exposure.
The bigger picture
The warning highlights growing scrutiny of how the AI buildout is financed, not just how much is being spent. Credit markets will increasingly examine contractual obligations, utilization assumptions and the durability of AI-related cash flows.