Five ways to fund AI. Only two create interest expense
In 22 days, four companies raised $52.35bn for AI capacity using five different instruments. Where each one lands on the financial statements is not the same.
6 primary sourcesTicker · 3 articles
AMD
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Aug 25, 2026All companies
Alphabet borrowed $25 billion. $10bn of it matures after 2045
Alphabet priced nine tranches out to a 6.500% bond due 2066. Its first-half interest expense was already up more than fivefold before any of this landed.
6 primary sourcesAMD tripled its long-term debt in one day, at 4.6% to 5.5%
A $4.75bn note sale on 17 August takes AMD's long-term debt from $2.35bn to about $7.1bn and adds $240m of annual interest to a company that was barely a borrower.
6 primary sourcesFigures we worked out for AMD
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| AMD tripled its long-term debt in one day, at 4.6% to 5.5% | ||
| Total principal raised | $4,750m | 1250 + 1500 + 1000 + 1000 |
| Annual coupon interest on the new notes | $240m | 1250 * 0.046 + 1500 * 0.05 + 1000 * 0.0525 + 1000 * 0.055 |
| Weighted average coupon | +5.1% | (1250 * 0.046 + 1500 * 0.05 + 1000 * 0.0525 + 1000 * 0.055) / 4750 |
| Long-term debt after the issue | $7,101m | 2351 + 4750 |
| Multiple of prior long-term debt | 3.02× | (2351 + 4750) / 2351 |
| Half-year interest expense once the notes are outstanding | $194m | 74 + 240 / 2 |
| Multiple of the reported first-half interest expense | 2.62× | (74 + 240 / 2) / 74 |
| Annual interest against June-quarter operating income | +12.1% | 240 / 1990 |
| Annual interest against 2025 revenue | +0.7% | 240 / 34639 |
| Step from the 2029 coupon to the 2036 coupon | 0.9 pp | 5.5 - 4.6 |
| Weighted coupon against the effective funds rate | 1.41 pp | 5.053 - 3.64 |
| Proceeds against cash on hand | +93.4% | 4750 / 5086 |
12 figures from 1 article. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- Alphabet Inc — prospectus supplement, 6 August 2026 (424B5)Nine tranches, $25.0bn total, 4.500% 2028 through 6.500% 2066
- Intel Corporation — prospectus supplement, 12 August 2026 (424B5)210,526,315 shares at $95.00 · gross $20.0bn · proceeds before expenses $19.67bn
- CoreWeave, Inc — Form 8-K, 10 August 2026 (Items 1.01 and 2.03)$2.6bn delayed draw term loan · Term SOFR + 5.50% · matures 1 September 2031
- Core Scientific, Inc — Form 8-K, 28 July 2026 (Items 3.02 and 7.01)Warrant to AMD for 30m shares at $23.47 · 529 MW leased · 12,222 shares vest per MW
- Equinix, Inc — Form 8-K, 29 July 2026 (Items 1.01 and 2.03)$5.5bn revolving facility — excluded here as capacity rather than drawn borrowing
- SOFR — Federal Reserve Bank of New York via FRED3.65% on 21 August 2026 · the floating base under CoreWeave's facility
- Alphabet Inc. — Free writing prospectus (pricing term sheet), August 6 2026Every tranche, coupon, yield, spread, offering price and underwriting discount quoted here
- Alphabet Inc. — Form 8-K, filed August 10 2026Items 8.01 and 9.01 · the closing of the offering
- Alphabet Inc. — SEC EDGAR filing history (CIK 0001652044)The 424B5 and 424B2 prospectus supplements filed 6 and 7 August 2026
- Advanced Micro Devices — Form 8-K, filed August 17 2026The AMD coupons used in the comparison, including 5.500% due 2036
- SEC company concept API — Alphabet, InterestExpenseNonoperatingQuarterly interest expense of $34M, $261M, $533M and $1,278M across the four quarters to June 2026
- Federal Reserve Bank of St. Louis (FRED) — Federal Funds Effective Rate, series DFFThe 3.64% policy rate referenced for context
- SEC company concept API — AMD, LongTermDebtNoncurrent$2,351M at 27 June 2026, and the four quarters before it
- SEC company concept API — AMD, OperatingIncomeLossOperating income of $1,990M in the June 2026 quarter against −$134M a year earlier
- SEC company concept API — AMD, CashAndCashEquivalentsAtCarryingValue$5,086M of cash and equivalents at 27 June 2026
- Daily closing prices, AMD, February–August 2026 (market data, not a filing)The closing prices quoted here · prices may be delayed and are not from a filing
16documents, deduplicated. Links go to the original filing, not to a summary.