Financial Times data shows that project bonds used to finance large U.S. data centers have recently fallen below par value: Meta's Hyperion project bonds have fallen to about 92 cents, Microsoft's Project Excalibur has fallen below 88 cents, and two Hut 8 data center bonds have fallen to about 92-94 cents; Oracle's Michigan campus-related bonds have fallen to about 87 cents. This indicates that the AI financing chain is beginning to stratify: hyperscale cloud vendors with sufficient cash flow can still raise funds, but projects relying on external debt and continuous refinancing will face higher hurdles.
