Hyperscaler Equity Issuance in 2026?

With the amount of datacenter construction coming online, companies such as Oracle (ORCL), Meta (META), Microsoft (MSFT), Amazon (AMZN) and Alphabet (GOOGL) may tap the equity markets in addition to the credit markets to further fund datacenter buildout.

• Per Dealogic data, global tech companies issued $428.3 billion of bonds in 2025 through the first week of December. U.S. technology firms accounted for $341.8 billion, while European and Asian tech companies issued $49.1 billion and $33 billion, respectively.

• Google is in a unique position among the hyperscalers in that some customers will want to leverage Google Cloud in order to leverage Google’s proprietary TPU chips.

• Google Cloud revenue run rate was approximately $61 billion as of Q3’25. AWS’s revenue run rate was $132 as of Q3’25. MSFT does not breakout Azure’s revenue on a quarterly basis which is poor transparency.

• When thinking about Google Gemini, it is important to consider the broader context - it is not only about how many people use the Gemini App or leverage the API, but it is also important to consider the fact that Gemini powers Google’s various software products.

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