FundingFilings through October 30, 2026; deals since 2024-01-01
The debt stack
So far in 2026, Microsoft, Alphabet, Amazon, Meta and Oracle have borrowed $260.0 billion. That counts $242.5 billion of bonds and notes and the rest in term loans, against $108.4 billion in all of 2025. Across all 21 companies on the ledger the year’s counted borrowing is $358.5 billion in 40 filings; the largest single deal was Amazon’s $37.0 billion on March 10, 2026.
Sources, method and freshnessFilings through October 30, 2026; deals since 2024-01-01
SEC EDGAR: FWP pricing term sheets, final 424B2/424B5 prospectus supplements where no term sheet was filed, and 8-K item 2.03 filings; one row per document, deduplicated on trade date and amount. Amounts in US dollars at the trade date; foreign-currency tranches converted at the Federal Reserve’s rate on the trade date.
8 filings could not be parsed; they are listed at the foot of the page with links, and no amount is guessed for them. 9 of this year’s deals are at low confidence, read from an 8-K’s text.
Cite as The Capex Report, The debt stack, filings through October 30, 2026.
Borrowing counted, by year
$ billion, 2024 to date2026Five hyperscalers $260.0BThe other companies $98.5B
Five hyperscalersThe other companies
Counted borrowing: registered and private notes plus term loans, by the year the deal priced. 2026 is the year to date.
Deals priced in 2026
36 counted, 9 at low confidence| Priced | Company | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|---|
| Oct 29, 2026 | Microsoft | Registered notes | 10 tranches, 2028 to 2066 | 4.85 to 6.35% | 25,000 | High: term sheet | FWP |
| Sep 10, 2026 | Vistra | Registered notes | 2 tranches, 2057 to 2057 | Floating | 1,500 | High: term sheet | FWP |
| Sep 9, 2026 | Amazon | Registered notes | 4 tranches, 2029 to 2045, GBP converted | 5.20 to 6.65% | 5,758 | High: term sheet | FWP |
| Sep 9, 2026 | Dell | Registered notes | 4 tranches, 2029 to 2037 | 5.10 to 5.90% | 5,000 | High: term sheet | FWP |
| Aug 13, 2026 | AMD | Registered notes | 4 tranches, 2029 to 2036 | 4.60 to 5.50% | 4,750 | High: term sheet | FWP |
| Aug 10, 2026 | CoreWeave | Term loan | — | — | 2,600 | Low: one amount read from the filing text | 8-K |
| Aug 6, 2026 | Alphabet | Registered notes | 10 tranches, 2028 to 2066 | 4.50 to 6.50% | 25,000 | High: term sheet | FWP |
| Jul 7, 2026 | Amazon | Registered notes | 8 tranches, 2029 to 2066 | 4.60 to 6.25% | 25,000 | High: term sheet | FWP |
| Jun 18, 2026 | CoreWeave | Notes (amendment) | —, EUR converted | — | 2,294 | Low: one amount read from the filing text | 8-K |
| Jun 15, 2026 | Nvidia | Registered notes | 7 tranches, 2028 to 2056 | 4.25 to 5.63% | 25,000 | High: term sheet | FWP |
| Jun 11, 2026 | Ciena | Notes | — | — | 2,875 | Low: one amount read from the filing text | 8-K |
| Jun 11, 2026 | Dell | Registered notes | 3 tranches, 2031 to 2037 | 4.75 to 5.25% | 3,000 | High: term sheet | FWP |
| Jun 10, 2026 | Amazon | Term loan | — | — | 17,500 | Low: one amount read from the filing text | 8-K |
| Jun 8, 2026 | Amazon | Registered notes | 5 tranches, 2029 to 2056, CAD converted | 3.40 to 5.00% | 10,037 | High: term sheet | FWP |
| May 18, 2026 | CoreWeave | Term loan | — | — | 3,100 | Low: one amount read from the filing text | 8-K |
| May 15, 2026 | Alphabet | Registered notes | 7 tranches, 2029 to 2066, JPY converted | 1.97 to 4.60% | 3,633 | High: term sheet | FWP |
| May 15, 2026 | AMD | Notes | — | — | 5,500 | Low: one amount read from the filing text | 8-K |
| May 5, 2026 | Alphabet | Registered notes | 4 tranches, 2031 to 2056, CAD converted | 3.65 to 5.00% | 6,246 | High: term sheet | FWP |
| May 5, 2026 | Alphabet | Registered notes | 6 tranches, 2030 to 2063, EUR converted | 3.20 to 4.80% | 10,536 | High: term sheet | FWP |
| Apr 30, 2026 | Meta | Registered notes | 6 tranches, 2031 to 2066 | 4.55 to 6.45% | 25,000 | High: term sheet | FWP |
| Apr 28, 2026 | Vistra | Notes | — | — | 4,000 | Low: one amount read from the filing text | 8-K |
| Apr 27, 2026 | Intel | Registered notes | 5 tranches, 2031 to 2066 | 4.65 to 6.20% | 6,500 | High: term sheet | FWP |
| Apr 21, 2026 | CoreWeave | Notes | 1 tranche, 2031 to 2031 | 9.75% | 1,000 | Medium: closing 8-K | 8-K |
| Apr 14, 2026 | CoreWeave | Notes | 2 tranches, 2031 to 2032 | 1.75 to 9.75% | 4,002 | Medium: closing 8-K | 8-K |
| Mar 31, 2026 | CoreWeave | Term loan | — | — | 8,500 | Low: one amount read from the filing text | 8-K |
| Mar 11, 2026 | Amazon | Registered notes | 8 tranches, 2028 to 2064, EUR converted | 2.80 to 4.85% | 16,771 | High: term sheet | FWP |
| Mar 10, 2026 | Amazon | Registered notes | 11 tranches, 2028 to 2076 | 3.85 to 6.05% | 37,000 | High: term sheet | FWP |
| Feb 23, 2026 | Vertiv | Registered notes | 4 tranches, 2036 to 2066 | 4.85 to 5.95% | 2,100 | High: term sheet | FWP |
| Feb 10, 2026 | Alphabet | Registered notes | 5 tranches, 2029 to 2126, GBP converted | 4.13 to 6.13% | 7,515 | High: term sheet | FWP |
| Feb 9, 2026 | Alphabet | Registered notes | 7 tranches, 2029 to 2066 | 3.70 to 5.75% | 20,000 | High: term sheet | FWP |
| Feb 2, 2026 | Oracle | Registered notes | 8 tranches, 2029 to 2066 | 4.55 to 6.85% | 25,000 | High: term sheet | FWP |
| Feb 2, 2026 | GE Vernova | Registered notes | 3 tranches, 2031 to 2056 | 4.25 to 5.50% | 2,600 | High: term sheet | FWP |
| Jan 27, 2026 | Vistra | Notes | — | — | 2,250 | Low: one amount read from the filing text | 8-K |
| Jan 15, 2026 | Constellation | Notes | 3 tranches, 2029 to 2031 | 3.75 to 5.00% | 2,400 | Medium: closing 8-K | 8-K |
| Jan 7, 2026 | Broadcom | Registered notes | 4 tranches, 2031 to 2056 | 4.30 to 5.70% | 4,500 | High: term sheet | FWP |
| Jan 7, 2026 | Constellation | Notes | 5 tranches, 2028 to 2031 | 3.75 to 5.13% | 5,050 | Medium: closing 8-K | 8-K |
One row per filing, deduplicated against closing 8-Ks that restate the same deal. Maturities are years; coupons are the range across tranches, floating-rate tranches excluded.
The ledger against the cash flow statement
Millions of dollars, 2026| Company | Notes priced in 2026 | Debt issued on the statements | Statements through | Priced after that quarter |
|---|---|---|---|---|
| Microsoft | 25,000 | 0 | Sep 30, 2026 | 25,000 |
| Alphabet | 72,930 | 85,222 | Sep 30, 2026 | — |
| Amazon | 94,566 | 115,100 | Sep 30, 2026 | — |
| Meta | 25,000 | 24,910 | Sep 30, 2026 | — |
| Oracle | 25,000 | 28,213 | Aug 31, 2026 | — |
The statement column sums each quarter’s proceeds from long-term debt as filed; it includes borrowing that never appears in a term sheet, and it cannot yet include deals priced after the latest quarter end, which the last column shows.
Listed, not counted
17 filings| Priced | Company | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|---|
| Aug 17, 2026 | Nvidia | Other obligation not counted | — | — | 105,000 | Low: one amount read from the filing text | 8-K |
| Jul 16, 2026 | Vistra | Credit facility (amendment) not counted | — | — | 1,250 | Low: one amount read from the filing text | 8-K |
| Jun 30, 2026 | Vistra | Other obligation (amendment) not counted | — | — | 5,500 | Low: one amount read from the filing text | 8-K |
| Jun 10, 2026 | Dell | Other obligation not counted | — | — | 6,000 | Low: one amount read from the filing text | 8-K |
| Oct 2, 2025 | CoreWeave | Term loan (amendment) not counted | — | — | 3,000 | Low: one amount read from the filing text | 8-K |
| Jul 21, 2025 | Super Micro | Other obligation not counted | — | — | 1,790 | Low: one amount read from the filing text | 8-K |
| Jul 16, 2025 | Vistra | Credit facility (amendment) not counted | — | — | 1,100 | Low: one amount read from the filing text | 8-K |
| May 6, 2025 | CoreWeave | Revolving facility (amendment) not counted | — | — | 1,500 | Low: one amount read from the filing text | 8-K |
| Mar 31, 2025 | AMD | Other obligation not counted | — | — | 850 | Low: one amount read from the filing text | 8-K |
| Jan 21, 2025 | Ciena | Term loan (amendment) not counted | — | — | 1,160 | Low: one amount read from the filing text | 8-K |
| Jan 7, 2025 | Coherent | Term loan (amendment) not counted | — | — | 2,232 | Low: one amount read from the filing text | 8-K |
| Nov 12, 2024 | Vertiv | Revolving facility not counted | — | — | 200 | Low: one amount read from the filing text | 8-K |
| Oct 17, 2024 | Vistra | Other obligation (amendment) not counted | — | — | 3,440 | Low: one amount read from the filing text | 8-K |
| Oct 8, 2024 | Vistra | Revolving facility not counted | — | — | 1,750 | Low: one amount read from the filing text | 8-K |
| Sep 30, 2024 | Super Micro | Term loan (amendment) not counted | — | — | 250 | Low: one amount read from the filing text | 8-K |
| Apr 9, 2024 | Vistra | Credit facility (amendment) not counted | — | — | 1,000 | Low: one amount read from the filing text | 8-K |
| Apr 3, 2024 | Coherent | Term loan (amendment) not counted | — | — | 2,436 | Low: one amount read from the filing text | 8-K |
Revolving facilities, amendments that only extend or re-price, and non-debt payment commitments such as supply agreements. They are on the record; they are not borrowing.
Filings not parsed
8- Oct 27, 2026Broadcom, 8-K 2.03: no principal amount found near the obligation language.
- Oct 5, 2026Vistra, 8-K 2.03: no principal amount found near the obligation language.
- Oct 6, 2025Vistra, 8-K 2.03: no principal amount found near the obligation language.
- Dec 19, 2024Vistra, 8-K 2.03: no principal amount found near the obligation language.
- Dec 16, 2024Vistra, 8-K 2.03: no principal amount found near the obligation language.
- Nov 20, 2024Super Micro, 8-K 2.03: no principal amount found near the obligation language.
- Jul 12, 2024Vistra, 8-K 2.03: no principal amount found near the obligation language.
- Jun 21, 2024Super Micro, 8-K 2.03: no principal amount found near the obligation language.
No amount is guessed for these. They are listed so a reader can open the filing.
Questions this page answers
- What counts as borrowing here?
- counted = true for registered notes, 144A or private notes and term loans (new borrowing capacity committed); false for revolving facilities, amendments that only extend or re-price, receivables programmes and non-debt payment obligations, which are listed with their quote under the same deals array
- What does the confidence label mean?
- rows with confidence high (term sheet or final supplement) or medium (closing 8-K with tranches) are figures; rows with confidence low are a single amount read from an 8-K's text and should print as low confidence; by_year and by_year_total include low-confidence rows only when counted is true
- Why do the ledger and the cash flow statement differ?
- registered public deals and 8-K-reported facilities only; commercial paper, bank lines drawn without an 8-K, and leases are not here; a company's cash flow statement remains the complete record of borrowing Deals priced after a company’s latest quarter end have not reached any statement yet; the cross-check table says how much.
- Are foreign-currency bonds included?
- Yes. Euro, sterling and Canadian-dollar tranches are converted at the Federal Reserve’s published rate on the trade date, and the row says which currencies were converted.