Corporate bond tracker

Who is borrowing, how much, and at what price · 521 SEC-priced deals in 2026 so far plus the biggest private placements · updated

Updated daily Biggest deals M&A Private All deals AI build-out Guide

Companies are borrowing at a record pace — to buy other companies, to build AI data centers, and to refinance. This page follows the deals as they price: every bond with an SEC pricing term sheet, tranche by tranche (size, coupon, maturity, spread over government bonds), the biggest private placements that never file one, and the hyperscaler AI-capex debt in its own section. Mortgage rates, which compete with this paper for the same long-term buyers, are on the mortgage rates page.

2026 public issuance1.3×
$1.2T USD
$893B same date 2025 · 521 deals
Acquisition financing
$159B 2026
27 deals · see them
AI build-out
$296B 2026
28 deals · hyperscalers
Private placements
$139B 144A
24 large deals · see them
Largest deal of 2026
$41.4B Paramount Skydance
Private 144A · Sep 29–30

What the money is for

2026 so far, USD
  • AI build-out $296B28
  • Acquisition financing $159B27
  • Banks & financials $359B139
  • Utilities & energy $111B101
  • Everything else $407B190

Every USD deal counted once, in the first bucket that fits: AI build-out, then acquisition financing, then the issuer’s sector. Public term-sheet deals plus the private placements listed below; small deals under $500 million are left out. The small number is how many deals.

Month by month

USD, $B

The same deals by pricing month. Acquisition financing arrives in lumps — a single takeover can be a month’s whole bar — while the AI build-out is steadier.

Biggest deals of 2026

USD, public and private
#DealSizePricedKind
1 Paramount Skydance M&AFund the purchase price of Warner Bros. Discovery and repay certain existing debt $41.4B Sep 29–30 Private 144A
2 Amazon AI11 tranches · 3.85–6.05% · to 2076 $37B Mar 10, 2026 SEC term sheet
3 Microsoft AI10 tranches · 4.85–6.35% · to 2066 $25B Oct 29, 2026 SEC term sheet
4 Alphabet AI10 tranches · 4.5–6.5% · to 2066 $25B Aug 6, 2026 SEC term sheet
5 Amazon AI8 tranches · 4.6–6.25% · to 2066 $25B Jul 7, 2026 SEC term sheet
6 Meta AI6 tranches · 4.55–6.45% · to 2066 $25B Apr 30, 2026 SEC term sheet
7 Oracle AI8 tranches · 4.55–6.85% · to 2066 $25B Feb 2, 2026 SEC term sheet
8 Salesforce 8 tranches · 4.5–6.7% · to 2066 $25B Mar 11, 2026 SEC term sheet
9 Nvidia AI7 tranches · 4.25–5.625% · to 2056 $25B Jun 15, 2026 SEC term sheet
10 SpaceX DebutRepay its bridge loan in full; general corporate purposes $25B Jun 23, 2026 Private 144A
11 Alphabet AI7 tranches · 3.7–5.75% · to 2066 $20B Feb 9, 2026 SEC term sheet
12 Abbott Laboratories M&AFunds the Exact Sciences acquisition $20B Feb 23, 2026 SEC term sheet

U.S.-dollar deals only, ranked by size. “SEC” deals are public offerings read from the term sheet, pricing supplement or prospectus supplement filed with the SEC; “Private 144A” deals were sold to institutions and are listed from the issuer’s own filing. The date links to that source.

Paying for acquisitions

34 deals in the past year
PricedIssuerWhat it fundsSizeTranchesLongestRatingKind
Sep 29–30 Paramount Skydance Fund the purchase price of Warner Bros. Discovery and repay certain existing debt $41.4B 12 2066 — Private 144A
Feb 23, 2026 Abbott Laboratories The Exact Sciences acquisition $20B 8 2066 — SEC term sheet
Sep 22, 2026 Sysco The Jetro Restaurant Depot acquisition $14.65B 10 2066 Baa3 / BBB SEC term sheet
Sep 14, 2026 Aon The USI Insurance Services acquisition $13.5B 7 2056 Baa2 / A- / BBB+ SEC term sheet
Aug 4, 2026 AbbVie The Apogee acquisition $10B 9 2066 A2 / A- SEC term sheet
May 6, 2026 Eli Lilly The Centessa acquisition $9B 8 2066 Aa3 / AA- SEC term sheet
Dec 1, 2025 Merck The Cidara acquisition $8B 8 2065 Aa3 / A+ SEC term sheet
Mar 5, 2026 Baker Hughes The Chart acquisition $6.5B 5 2056 A3 / A SEC term sheet
Aug 11, 2026 Martin Marietta Materials The Lhoist North America acquisition $5.5B 5 2056 Baa2 / BBB+ SEC term sheet
May 19, 2026 Ecolab The CoolIT Systems acquisition $5B 4 2036 A3 / A- SEC term sheet
Apr 17, 2026 Talen Energy Fund the purchase of 2,451 MW of power plants (Lawrenceburg, Waterford, Darby) and redeem its 8.625% senior secured notes due 2030 $4B 2 2033 — Private 144A
Aug 11, 2026 Intercontinental Exchange The MarketAxess acquisition $3.75B 4 2036 A3 / A- SEC term sheet
Mar 5, 2026 Baker Hughes EUR The Chart acquisition €3B 4 2046 A3 / A SEC term sheet
Apr 22, 2026 Danaher EUR The Masimo acquisition €3B 4 2038 A2 / A- SEC term sheet
Sep 15, 2026 Analog Devices An acquisition $3B 4 2036 A2 / A SEC term sheet
Jun 3, 2026 QXO Fund the TopBuild acquisition, with new term loans and preferred stock $3B 2 2034 — Private 144A
Sep 9, 2026 Alcoa Fund the ~$3.1 billion cash portion of its acquisition of South32's bauxite, alumina and aluminum smelter interests $2.6B 2 2036 — Private 144A
Aug 4, 2026 Skyworks Solutions The Qorvo acquisition $2B 3 2036 BBB- / BBB+ SEC term sheet
Oct 28, 2026 Texas Instruments An acquisition $2B 4 2036 — SEC prospectus
Jun 2, 2026 Hubbell An acquisition $1.9B 3 2036 Baa1 / BBB+ / A- SEC term sheet
May 27, 2026 National Fuel Gas The CenterPoint acquisition $1.5B 3 2036 Baa3 / BBB- / BBB SEC term sheet
Sep 15, 2026 Xylem The Cornell Pump and Roper Pump acquisition $1.5B 3 2037 Baa2 / BBB SEC term sheet
Nov 9, 2026 Steris An acquisition $1.5B 2 2036 Baa1 / BBB SEC term sheet
Feb 20, 2026 Leidos An acquisition $1.4B 2 2036 — SEC prospectus
Dec 1, 2025 GE HealthCare Technologies An acquisition $1.25B 2 2035 Baa2 / BBB SEC term sheet
Feb 17, 2026 Howmet Aerospace An acquisition $1.2B 3 2036 Baa1 / BBB+ / A- SEC term sheet
Jul 28, 2026 Booz Allen Hamilton The Ultra Mission Solutions acquisition $1.2B 2 2034 Baa3 / BBB- SEC term sheet
Sep 22, 2026 Sysco EUR The Jetro Restaurant Depot acquisition €1B 1 2056 Baa3 / BBB SEC term sheet
Sep 22, 2026 Sysco CAD The Jetro Restaurant Depot acquisition C$1.5B 2 2034 Baa3 / BBB SEC term sheet
Dec 15, 2025 Willis Towers Watson The Newfront acquisition $1B 2 2036 Baa2 / BBB+ SEC term sheet
Jul 9, 2026 Public Storage The National Storage Affiliates Trust acquisition $0.9B 2 2036 — SEC term sheet
Sep 15, 2026 nVent Electric An acquisition $0.8B 1 2036 BBB- / BBB SEC term sheet
Jan 15, 2026 Antero Resources An acquisition $0.75B 1 2036 — SEC prospectus
May 5, 2026 Flowserve The Trillium Flow acquisition $0.5B 1 2036 Baa3 / BBB- / BBB SEC term sheet

A public deal is listed here when its term sheet or prospectus carries a special mandatory redemption clause — the issuer must buy the notes back if the takeover fails — which is how bonds that fund a deal are written. Private placements are listed when the issuer says the proceeds fund an acquisition. Target names are taken from the term sheet or the deal’s announcement; where neither names one, this page says “an acquisition.”

Private placements: the biggest 144A and convertible deals

24 deals · click a row for terms
PricedIssuerSizeKindCouponMaturesRatingProceeds fund

Rule 144A and Regulation S deals, plus convertible notes, sold to institutions: none files a pricing term sheet, so the figures are taken from the issuer’s own filing or press release (linked in each row; where the filing isn’t out yet, the row says so). This is a selection of the largest deals — not every private placement — and sizes are as priced; convertibles often close larger once the initial purchasers take their option. A blank rating means no source we could cite states one.

Every public deal

376 deals · click a row for tranches
Show
PricedIssuerSizeTranches LongestCoupon Spread RatingsFiling

Deals of at least $1 billion (or the equivalent) priced in the past year, plus every hyperscaler deal, read from the term sheet, pricing supplement or prospectus supplement the issuer filed with the SEC (the link in the last column). Spreads are over the government bond of the deal’s currency (Treasuries, Bunds, Gilts, Canadas) or, for yen deals, over swaps; floating-rate tranches pay a margin over the overnight rate instead, and capital-instrument tranches that reset their coupon show no spread. A prospectus supplement prints size, coupon and maturity but not a spread or yield, so those deals show a dash and a maturity year only.

The AI build-out: hyperscalers and their suppliers

Amazon, Alphabet, Meta, Oracle and Microsoft have borrowed more than anyone, a growing share of the AI data-center bill sits in project companies that never appear on their balance sheets, and the companies that sell the chips and servers are borrowing too. This section follows that debt on its own, and puts it next to mortgage rates. What the money buys is on the AI buildout tracker: GPU rental prices, memory chip prices and the power grid, next to the stocks of the companies that sell them.

$296.1B of AI build-out borrowing in 2026 so far (the tile at the top of the page) is the sum of:
$207.0BHyperscaler bonds9 deals $48.8BChip, server & data-center suppliers8 deals $35.4BPrivate placements8 deals $5.0BOff-balance-sheet project bonds3 deals
2026 hyperscaler issuance2.6×
$207.0B USD
$78.2B same date 2025
Off-balance-sheet debt
$38.2B 144A
7 bonds since Oct 2025
Maturing in 15+ years
38%
2026 · 41% since 2024
Latest hyperscaler deal
€9B Meta
6 tranches · Nov 4, 2026
Mortgage rate over 10-yr
— bp
30-yr fixed vs 10-yr · weekly survey
30-yr mortgage rate now
7.31% +6 bp
estimate vs the Nov 12, 2026 print →

What this debt costs them

yield at pricing
5-year money 5.85% +86 bp vs 4.99% on Feb 2, 2026 Meta 2031s · priced Nov 3, 2026 · +110 bp over Treasuries
10-year money 6.55% +82 bp vs 5.73% on Feb 2, 2026 Meta 2036s · priced Nov 3, 2026 · +160 bp over Treasuries
30-year money 7.53% +82 bp vs 6.71% on Feb 2, 2026 Meta 2056s · priced Nov 3, 2026 · +220 bp over Treasuries

The yield each maturity’s most recent U.S.-dollar hyperscaler deal actually priced at, taken from its SEC term sheet — the rate that issuer locked in for the life of the bond, not a live market quote. The comparison is with the most recent deal at the same maturity at least nine months earlier, so it reads as “roughly a year ago” rather than an exact anniversary. Treasury yields are the latest daily close from the Federal Reserve’s H.15 release.

Hyperscaler and supplier issuance by quarter

USD, $B

SEC-registered U.S.-dollar deals by issuer; the dashed layer is off-balance-sheet 144A project debt tied to a hyperscaler. The hatched layer on top is the public bonds of chip, server and data-center companies (Nvidia, Dell, AMD, Broadcom and others; listed below). Private placements are left out of the history because we only track them from 2026. Everything starts at the first hyperscaler deal we track. Euro, sterling, yen and Canadian-dollar deals are in the deals table above, not the chart.

By year

USD
YearHyperscalerOff-B/SSuppliersTotal
2026 YTD $207.0B$5.0B$48.8B$260.7B
2025 $93.2B$33.2B$30.9B$157.3B
2024 $16.8B—$15.5B$32.2B

2026 by issuer

  • Amazon $62.0B
  • Alphabet $45.0B
  • Meta $40.0B
  • Oracle $35.0B
  • Microsoft $25.0B

Registered USD deals only. Microsoft has not sold a bond in this period. Suppliers are the public bonds of chip, server and data-center companies. Private placements aren’t in this table (we only track them from 2026); with them, 2026 so far is $296.1B.

New-issue spread over Treasuries

One dot per fixed-rate hyperscaler USD tranche within a year of the benchmark maturity, at the spread it priced at. Up and to the right means the same company is paying more to borrow for the same term. Triangles are the chip, server and data-center suppliers. A spread reflects the issuer’s credit quality as well as the market, so compare each company with its own earlier deals rather than with the others. Deals filed only as a prospectus supplement state no spread and aren’t plotted.

Crowding out? Mortgage spread vs issuance

Loading rate history…

Solid: 30-year fixed mortgage rate minus the 10-year Treasury yield (weekly). Dashed: the extra yield the whole U.S. investment-grade corporate bond market pays over Treasuries — an index of dollar bonds rated BBB or better across every sector (banks, utilities, industrials, tech), weighted by size, with call features adjusted out. Hyperscaler and supplier bonds are part of it, so it’s context, not an independent check. Bars (lower panel): hyperscaler issuance per month, registered plus off-balance-sheet, with the public bonds of chip, server and data-center suppliers in a second shade on top. Correlation here is context, not proof of cause.

How big is this? Share of the bond market

2026 so far
MarketWindowIssuedHyperscalersHyperscaler share
The long end — where they compete for the same buyers
20- and 30-year Treasury bondsfixed-rate, sold at auction · Jan 1 – Oct 22, 2026 Jan 1 – Oct 22, 2026 $368B $64.2Bmaturing 15+ years out 17.5%
30-year Treasury bondsfixed-rate, sold at auction · Jan 1 – Oct 22, 2026 Jan 1 – Oct 22, 2026 $229B $48.2Bmaturing 25+ years out 21.1%
The whole market
Treasury notes & bonds2- to 30-year, incl. inflation-protected & floating · Jan 1 – Oct 22, 2026 Jan 1 – Oct 22, 2026 $3.4T $162Ball hyperscaler bonds 4.7%
All U.S. corporate bondsinvestment grade + high yield · Jan – Oct 2026 Jan – Oct 2026 $2.3T $187Ball hyperscaler bonds 8.0%
Mortgage-backed securitiesagency + non-agency · Jan – Oct 2026 Jan – Oct 2026 $1.8T $187Ball hyperscaler bonds 10.7%
All U.S. bond issuanceTreasuries, corporates, MBS, munis, agencies, ABS · Jan – Oct 2026 Jan – Oct 2026 $10.3T $187Ball hyperscaler bonds 1.8%
All Treasury salesincl. short-term bills, rolled continuously · Jan – Oct 2026 Jan – Oct 2026 $27.6T $187Ball hyperscaler bonds 0.7%

Each row compares hyperscaler borrowing (U.S.-dollar, registered plus off-balance-sheet) with the market over the same window. Treasury rows are summed from U.S. Treasury auction results; the others are SIFMA’s monthly issuance statistics, through October. A small share of the whole market can still be a large share of the long end.

Off-balance-sheet: project bonds behind hyperscaler leases

144A · $38.2B since Oct 2025 · $5.0B in 2026
Issuer & projectHyperscalerLinkSizeCouponMaturesPriced
Tied to a hyperscaler
Beignet Investor LLCHyperion data center, Richland Parish, LA · sponsor Blue Owl / Meta joint venture Meta Joint ventureMeta leases the campus and guarantees its residual value; the JV is ~80% Blue Owl, ~20% Meta $27.29B 6.581% 2049 Oct 2025
WULF Compute LLCLake Mariner campus, Barker, NY · sponsor TeraWulf Alphabet Lease backstopGoogle backstops tenant Fluidstack's lease payments and pledged its TeraWulf warrants as collateral $3.2B 7.750% 2030 Oct 16, 2025
APLD ComputeCo 2 LLCPolaris Forge 2, Harwood, ND · sponsor Applied Digital Undisclosed hyperscaler LeaseLeased for ~15 years to an unnamed U.S. investment-grade hyperscaler $2.15B 6.750% 2031 Mar 4, 2026
Black Pearl Compute LLCBlack Pearl facility, Wink, TX · sponsor Cipher Digital Amazon LeaseLeased to Amazon Web Services $2B 6.125% 2031 Feb 4, 2026
Cipher Compute LLCBarber Lake facility, Colorado City, TX · sponsor Cipher Digital Alphabet Lease backstopGoogle backstops $1.4B of tenant Fluidstack's lease obligations $1.4B 7.125% 2030 Nov 5, 2025
Flash Compute LLCAbernathy HPC campus, Abernathy, TX · sponsor TeraWulf / Fluidstack joint venture Alphabet Lease backstopGoogle backstops $1.3B of tenant Fluidstack's 25-year lease; JV is 50.1% TeraWulf, 49.9% Fluidstack $1.3B 7.250% 2030 Dec 2025
Stingray Compute LLCStingray facility (70 MW) · sponsor Cipher Digital Amazon LeaseLeased to Amazon Web Services $0.81B 6.000% 2031 Jun 8, 2026
Other AI data-center project bonds
APLD ComputeCo LLCPolaris Forge 1 (ELN-02/03), Ellendale, ND · sponsor Applied Digital CoreWeave LeaseLeased to CoreWeave $2.35B 9.250% 2030 Nov 13, 2025
APLD ComputeCo 3 LLCPolaris Forge 1 (ELN-04), Ellendale, ND · sponsor Applied Digital CoreWeave LeaseLeased to CoreWeave (Building 4 lease) $1.59B 7.000% 2031 Jun 9, 2026

Private 144A placements by project companies. The hyperscaler isn’t the borrower, but its lease, its guarantee of a tenant’s lease, or its joint-venture stake is what repays the bonds. Only deals we can tie to a hyperscaler through public disclosures are listed; sizes come from the sponsor’s pricing announcement, and the date links to it. Project bonds for other data-center tenants are grouped separately.

Suppliers to the build-out: chips, servers and data centers

$48.8B · 2026 so far
PricedIssuerSizeTranchesCouponLongestSpreadRatingFiling
Jun 15, 2026 Nvidia NVDA $25B 7 4.25–5.625% 2056 +20–65 bp vs Treasuries Aa1 / AA Term sheet
Sep 9, 2026 Dell Technologies DELL $5B 4 5.1–5.9% 2037 +60–110 bp vs Treasuries Baa2 / BBB+ Term sheet
Aug 13, 2026 AMD AMD $4.75B 4 4.6–5.5% 2036 +43–90 bp vs Treasuries A1 / A Term sheet
Jan 6, 2026 Broadcom AVGO $4.5B 4 4.3–5.7% 2056 +60–88 bp vs Treasuries A3 / A- / BBB+ Term sheet
Jun 11, 2026 Dell Technologies DELL $3B 3 4.75–5.25% 2037 +65–87 bp vs Treasuries Baa2 / BBB+ Term sheet
Jul 30, 2026 Equinix EQIX $3B 4 5–5.8% 2036 +75–120 bp vs Treasuries Baa1 / BBB+ Term sheet
Mar 16, 2026 Hewlett Packard Enterprise HPE $2B 4 4.5–5.25% 2033 +85–127 bp vs Treasuries Baa2 / BBB / BBB+ Term sheet
Feb 19, 2026 Equinix EQIX $1.5B 2 4.4–4.7% 2033 +85–95 bp vs Treasuries Baa1 / BBB+ Term sheet

By issuer: Nvidia $25.0B · Dell Technologies $8.0B · AMD $4.8B · Broadcom $4.5B · Equinix $4.5B · Hewlett Packard Enterprise $2.0B. Together $48.8B in 2026 so far, against $30.9B over the same dates of 2025. These companies sell the chips, servers, networking gear and data-center space the build-out buys, and they count here because of who the issuer is: a bond filing doesn’t say what the proceeds fund, so some of this money may repay debt or pay for something else. U.S.-dollar public deals only. Which issuers count is our own short list — Nvidia, AMD, Broadcom, Micron, Dell, Hewlett Packard Enterprise, Super Micro, Arista, Equinix and Digital Realty. A dash means the filing is a prospectus supplement, which doesn’t state a spread.

Bond & credit market news

More headlines

How to read the corporate bond tracker

When a company needs billions of dollars at once — to buy a competitor, to build data centers, to replace debt that is coming due — it usually sells bonds. A single deal is often six to ten bonds of different maturities, called tranches, sold on the same day. This page follows those deals as they price, and what they cost.

Where the data comes from

Public deals come from the pricing term sheet an issuer files with the SEC on the day a bond prices. It lists every tranche — with its size, coupon, maturity, re-offer price, yield and spread over the benchmark government bond. Issuers that file no term sheet (several large banks, for one) are read from their prospectus supplement instead, which gives size, coupon and maturity but no spread. Private placements file no term sheet, so the biggest ones are listed from the issuer’s own filing or press release, linked in each row. Off-balance-sheet deals are private 144A placements by project companies; they are identified from the issuer, matched to their bond listings, and sized from the sponsor’s pricing announcement.

Acquisition bonds

A company buying another usually raises the money before the deal closes, and bondholders want protection if it never does. So these bonds typically carry a special mandatory redemption: if the takeover fails, the company must buy the notes back, at par or slightly above. That clause is printed in the term sheet, which makes it an objective marker of a bond that funds an acquisition. It also explains why these deals can be enormous — they are sized to the purchase price, not to the company’s usual borrowing. Private placements are tagged from the issuer’s stated use of proceeds.

Private placements

Most high-yield bonds and almost all convertible notes are sold under SEC Rule 144A to large institutions, without the public registration process. That is also why they file no term sheet. This page lists a selection of the largest, with the figures taken from the issuer’s own announcement. Convertible notes pay a low coupon — sometimes zero — in exchange for the right to turn into stock, and usually close larger than they price once the banks take their option. A high-yield (or “junk”) bond is one rated below investment grade by the agencies; the tag appears only where a source states the rating.

Reading the spread

A bond’s new-issue spread is the extra yield it pays over a government bond of similar maturity at the moment it is sold, in basis points (hundredths of a percentage point). It is the cleanest measure of what investors demand to lend to a company, because it strips out the general level of interest rates. When the same issuer has to pay a wider spread for the same maturity deal after deal, investors are asking more to absorb more of its debt.

Off-balance-sheet debt

Not all of the AI build-out’s borrowing shows up as a hyperscaler bond. Increasingly a separate project company borrows to build a data center that a hyperscaler will use, and the bonds are repaid from that use. The hyperscaler’s link can be a lease (it is the tenant), a lease backstop (it guarantees a smaller tenant’s rent), or a joint venture (it co-owns the project and guarantees its value). The largest example is the $27.3 billion Beignet Investor bond that financed Meta’s Hyperion data center in Louisiana — larger than most of Meta’s own bond deals, and not on Meta’s balance sheet.

How big is it?

Against the whole U.S. bond market, hyperscaler borrowing is small: a couple of percent of all bond issuance, and under one percent of Treasury sales once short-term bills are counted. Against the corporate market it is large for a handful of companies — a high-single-digit share of all corporate bonds sold. Where it matters most is the long end: measured against the 20- and 30-year bonds the Treasury itself sells, hyperscaler bonds maturing fifteen or more years out are a meaningful fraction, because that is where they compete with the Treasury and with mortgage investors for the same insurers and pension funds.

Mortgages and crowding out

Mortgage rates are priced off mortgage-backed securities, which compete for the same long-duration fixed-income investors — insurers, pension funds, bond funds — as high-grade corporate bonds. A heavy supply of long-dated, highly rated corporate debt can widen the spread those investors demand across the board. The crowding-out chart plots the 30-year mortgage rate’s spread over the 10-year Treasury against hyperscaler issuance so the relationship can be judged directly. Many other things move mortgage spreads — rate volatility, bank demand, the Federal Reserve’s own mortgage holdings — so a correlation on this chart is context, not proof of cause. Daily rates by loan type, credit score and down payment, with a live estimate, are on the mortgage rates page.

What’s not here

The public list depends on finding each issuer’s filing, so a deal whose paperwork is laid out unusually can be missing or understated, and the private-placement table is a selection rather than every deal. Totals add up U.S.-dollar deals only; euro, sterling, yen and Canadian-dollar deals are listed in their own currency. Structured notes, asset-backed securities, bank capital instruments with no fixed maturity, and sovereign and agency borrowers are left out.

Deal terms are as priced at issue; bonds trade at different prices and spreads afterwards. Acquisition and AI labels reflect what each issuer or filing says the money is for, and off-balance-sheet coverage is limited to deals whose hyperscaler link has been publicly disclosed. This page is for information only and is not financial advice.