Microsoft, Alphabet, Oracle and Meta sold five bond deals between 29 October and 4 November, according to their pricing term sheets filed with the SEC. By our arithmetic they add up to $50 billion and €15 billion, or about $66.9 billion at the European Central Bank’s rates. Oracle’s 2046 notes carry an 8.650% coupon, against 6.150% for Microsoft’s.
Goldman Sachs counted “five separate bond deals among the hyperscaler universe, totaling $67 billion” since 29 October, according to a post on X by @pequityresearch on 11 November quoting the bank. We rebuilt the list from the filings themselves.
Business Pill · Credit Spread Explained
An evergreen Business Engineer explainer on why two borrowers pay different rates. It teaches the general idea only and does not discuss these bond deals.
The key insight: Five hyperscaler bond deals priced between 29 October and 4 November add up to $50 billion and €15 billion, about $66.9 billion at ECB rates by our arithmetic, matching Goldman Sachs’s $67 billion count. On notes due 2046, the term sheets show Oracle at 8.650%, Meta at 7.350% and Microsoft at 6.150%, a 2.50 point gap between Oracle and Microsoft.
Microsoft’s 29 October term sheet is the largest: ten series totalling $25 billion by our arithmetic, from floating-rate notes due 2028 to 6.350% notes due 2066. That is about 37% of the five-deal total.
Meta followed with $15 billion in five dollar series on 3 November and €9 billion in six euro series on 4 November. We converted the two euro deals at the ECB reference rate on each trade date: $6.73 billion for Alphabet and $10.14 billion for Meta.
The five hyperscaler bond deals priced since 29 October, in billions of dollars, from the companies’ pricing term sheets filed with the SEC. Euro deals are converted at the ECB reference rate on each trade date; sums and conversions are our arithmetic.
What Was Posted on X
Goldman Sachs: Since October 29th alone, there have been five separate bond deals among the hyperscaler universe, totaling $67 billion. This has pushed hyperscalers’ year-to-date, global debt issuance to $296 billion—now well above our full-year 2026 forecast for $250 billion.
$META $GOOGL $AMZN $ORCL $MSFT
— P Equity Research 📰 (@pequityresearch) Nov 11 15:32
@pequityresearch posted at 15:32 UTC on 11 November a passage it attributes to Goldman Sachs: five hyperscaler bond deals since 29 October totalling $67 billion, and year-to-date issuance of $296 billion against a $250 billion forecast. This piece rebuilds the five deals from the companies’ own SEC term sheets; we did not read the Goldman note itself.
The Coupon Gap: 2.5 Points on the Same Maturity
All three dollar issuers sold notes due 2046. Microsoft’s carry 6.150%, Meta’s 7.350% and Oracle’s 8.650%. By our arithmetic, Oracle pays 2.50 percentage points more than Microsoft on that maturity and 1.30 points more than Meta.
The ratings in the term sheets line up with that order. Microsoft’s show “Aaa (stable outlook)” from Moody’s and AAA from S&P. Meta’s show “Aa3/Stable” and “AA-/Negative”. Oracle’s show “Baa2 (negative) / BBB- (stable) / BBB (stable)” from Moody’s, S&P and Fitch.
Across Oracle’s five series, the coupons add up to about $777 million of interest a year, a weighted average of about 7.77%, by our arithmetic. Microsoft’s eight fixed-rate series average about 5.58%.
How the List Fits Goldman’s Count
Our five deals total $66.87 billion at ECB rates, against Goldman’s $67 billion, so the lists match within rounding. The post quotes Goldman putting hyperscalers’ year-to-date global debt issuance at $296 billion, against a full-year 2026 forecast of $250 billion, a tally we covered on 8 November.
As we read the term sheets, the same week priced the same maturity at three very different costs: the gap lines up with the ratings, from Aaa for Microsoft to Baa2 with a negative outlook for Oracle. Oracle also paired its $10 billion of notes with a $10 billion common stock offering.
Goldman Sachs, as quoted by @pequityresearch on X, 11 Nov 2026
“Since October 29th alone, there have been five separate bond deals among the hyperscaler universe, totaling $67 billion”
Three Implications
FOR THE TOTAL $25 billion from Microsoft, $15 billion and €9 billion from Meta, $10 billion from Oracle and €6 billion from Alphabet, about $66.9 billion by our arithmetic.
FOR THE COST Oracle’s five series carry about $777 million of interest a year, a weighted average coupon of about 7.77% by our arithmetic; Microsoft’s fixed-rate series average about 5.58%.
FOR THE YEAR Goldman puts year-to-date hyperscaler debt issuance at $296 billion against a $250 billion full-year forecast, as quoted in the post.
The framework says: “the capex race is no longer a corporate spending cycle. It is a sovereign-scale financing problem dressed in tech-company clothing.”
As we read it, a 2.50 point coupon gap on the same 2046 maturity is where that financing problem shows up as a price for each borrower. The framework predates these deals and does not discuss them.
Coupons on the shortest and longest fixed-rate note in each dollar deal: Microsoft (29 Oct), Meta (3 Nov) and Oracle (2 Nov). Source: the companies’ pricing term sheets filed with the SEC.
What Is Not Established
We did not read Goldman’s note itself; its count comes from the X post and from MarketWatch’s earlier report. Goldman may convert the euro deals at different rates or dates. We did not compare yields in the secondary market or read the use-of-proceeds sections of each prospectus. The companies were not contacted for this piece.
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The five pricing term sheets filed since 29 October add up to $50 billion and €15 billion, about $66.9 billion by our arithmetic, matching Goldman’s $67 billion. Microsoft raised $25 billion of it. On notes due 2046, Oracle pays 8.650%, Meta 7.350% and Microsoft 6.150%.
A note on sourcing. Deal sizes, coupons, dates and ratings are from the pricing term sheets Microsoft, Alphabet, Oracle and Meta filed with the SEC, plus Oracle’s 2 November prospectus supplement. Euro amounts are converted at European Central Bank reference rates on each trade date. Goldman Sachs’s count is as quoted in an X post by @pequityresearch; we did not read the Goldman note. Totals, conversions and coupon gaps are our arithmetic. The companies were not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
