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Citadel Securities LLC is forecasting another $500 billion-plus of debt in the public and private markets by 2028 to bankroll the chips that go inside the artificial intelligence campuses.

Citadel Securities LLC is forecasting another $500 billion-plus of debt in the public and private markets by 2028 to bankroll the chips that go inside the artificial intelligence campuses. Photographer: SeongJoon Cho/Bloomberg

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By Caleb Mutua

August 3, 2026 at 3:01 PM UTC

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The credit markets may have had their fill of record borrowing for data centers, but tech companies aren’t done yet. Citadel Securities LLC is forecasting another $500 billion-plus of debt in the public and private markets by 2028 to bankroll the chips that go inside the artificial intelligence campuses.

For context, that amount would be equal to more than 5% of the Bloomberg US high-grade index by 2028, says Jeff Eason, head investment-grade desk analyst at the firm. He expects most of that issuance will likely be shorter-dated — around three to five year — to match the life-span of the chips, and a portion could be issued as 144A private offerings.

Read Original at Bloomberg →