Over the last 12 months, the biggest tech players have provided up to $300 billion in guarantees to finance data centers built for AI and to purchase or manufacture accelerators. A big chunk of the debt tied to these projects sits on the books of special entities, so it doesn't show up as traditional corporate debt for the parent companies.

How the financing works

They're using structures that let them raise cash based on the creditworthiness of tech giants, without having to borrow the same amount directly. Typically, a separate entity (an SPV) is set up for each project. All the funding flows through this vehicle, and the related debt is concentrated there.

Who’s using these setups

Meta, Alphabet, Nvidia, Broadcom, and others are taking this route. The approach gives them access to huge resources for building and scaling up AI infrastructure, all while keeping their main corporate balance sheets flexible.

Why the AI market needs this

Big Tech guarantees speed up the launch of capital-intensive projects—from new data centers to accelerator deliveries—lowering the barriers to funding and spreading out the debt load through these special structures.