Moody’s Ratings said borrowing to fund AI infrastructure is pushing private credit beyond traditional corporate lending, while a wave of maturities could pressure weaker borrowers, according to Reuters as cited by BlockBeats.
Large spending, concentrated maturities
Moody’s expects capital expenditure by the five major U.S. hyperscalers and CoreWeave to approach $1 trillion in 2027. The source said the financing mix includes operating cash flow, debt and structures such as joint ventures and special purpose vehicles.
Moody’s said loans maturing in 2027–2029 will test borrowers’ ability to refinance. It tracks 607 borrowing companies, about 17% of which use payment-in-kind interest arrangements. The agency also warned that “circular financing” among technology companies, chipmakers and AI developers could worsen losses in a downturn.
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