Big Tech keeps 300B USD of AI exposure off balance sheets

Financial Times reports that large technology companies are increasingly using guarantees to finance the AI infrastructure buildout, with up to 300B USD in commitments issued in less than a year for data centers and chips.

The reported structure matters because it can keep much of the exposure away from ordinary balance-sheet debt. According to summaries of the FT report, companies are backing debt used for AI infrastructure and in some deals guaranteeing a minimum future value for chips or data centers. That means the AI race is not only being funded by direct capital spending and bond issuance, but also by commitments that can be harder for investors to compare across companies.

This is a different angle from the visible surge in hyperscaler borrowing. Direct AI-related debt has already pushed some bond investors to demand higher yields, but guarantees can shift risk into financing partners and project vehicles while still tying Big Tech to the economics of the buildout.

The practical takeaway is simple: headline capex and corporate debt may understate how much exposure the largest AI platforms have taken on. If demand for AI services, chips or data-center capacity disappoints, these guarantees could become part of the financial pressure around the infrastructure boom.