科技巨头玩转财技瞒不过市场的眼睛

November 21, 2025 at 3:00 AM GMT+8 ByShuli Ren作者：任淑莉 任淑莉是彭博观点栏⽬的专栏作家，专注于亚洲市场报道。她曾担任投资银⾏家，后为《巴伦周刊》担任市场记者。她持有特许⾦融分析师（CFA）资格。 Shuli Ren is a Bloomberg Opinion columnistcovering Asian markets. A former investmentbanker, she was a markets reporter for Barron’s.She is a CFA charterholder. 建吧，拼命建。配图署名：Kyle Grillot/Bloomberg Translate翻译 Takeawaysby Bloomberg AI 彭博AI要点分析 Tech companies are being penalized by credit markets for doing creativefinancing deals to build out their AI infrastructure. 科技公司因采⽤创意融资⽅案建设AI基础设施，正遭遇信贷市场的惩罚性回应。 Meta Platforms Inc.'s data-center project in rural Louisiana, financed off-balance-sheet through a joint venture, resulted in its bonds selling off afterthe deal was closed. Meta Platforms Inc.通过合资企业在路易斯安那州农村地区以表外融资⽅式建设的数据中⼼项⽬，在交易完成后导致其债券遭抛售。 Oracle Corp.'s aggressive capital expenditure and leasing of data-centershells has led to a spike in the cost of its credit default swap and awidening of its bond spread. 甲⻣⽂公司激进的资本⽀出和数据中⼼外壳租赁策略，导致其信⽤违约互换成本飙升，债券息差扩⼤。微信公众号 404K微信公众号 404K Ambition comes at a cost. As tech companies race to build out their AIinfrastructure, those doing creative financing deals are being penalizedby credit markets. 雄⼼需付代价。科技公司竞相构建AI基础设施之际，那些采取创新融资⼿段的企业正在承受信⽤市场的惩罚。 Fast and Furious《速度与激情》 Big tech is raising billions of dollars from credit markets 科技巨头正从信贷市场筹集数⼗亿美元资⾦ Exhibit A is Meta Platforms Inc.’s massive data-center project in ruralLouisiana, financed off-balance-sheet. The company formed a jointventure with private equity firm Blue Owl Capital Inc. and took a 20%minority stake. And it was Beignet Investor — a special-purpose vehiclewith majority interest in the joint venture, not Meta — thatborrowed $27billion. Before closing the deal, the tech giant had reached out to Moody’sRatings and S&P Global tomake sure this structure wouldn’t hurt itsinvestment grade. 典型案例是Meta Platforms Inc.在路易斯安那州乡村地区启动的超⼤规模数据中⼼项⽬。该公司与私募股权公司Blue Owl Capital Inc.组建合资企业并持有20%少数股权。⽽实际借⼊270亿美元的正是合资企业控股⽅——特殊⽬的实体Beignet Investor，⽽⾮Meta本尊。在这笔交易完成前，这家科技巨头曾事先征询穆迪评级和标普全球意见，以确保该架构不会危及其投资级评级。微信公众号 404K微信公众号 404K While the bonds were privately placed, Beignet ended up selling them toMain Street funds such as Pacific Investment Management Co. andBlackRock Inc. Pimco hadcommitted $18 billionto this deal, butdemanded a higher yield and guarantees in exchange. The 25-year bondpays a 6.6% coupon, about a percentage point higher than Meta’s微信公众号 404K微信公众号 404K corporate bonds of a similar tenor. 尽管这批债券采⽤私募形式，但特殊⽬的实体Beignet最终将其出售给了太平洋投资管理公司(Pimco)和贝莱德等⾯向⼤众市场的基⾦。Pimco虽承诺为此交易提供180亿美元资⾦，但要求更⾼的收益率和担保作为交换条件。这批25年期债券票⾯利率为6.6%，⽐Meta同期公司债⾼出约⼀个百分点。 Spilling Over《溢出》 Meta's bonds were sold off after its joint venture's $27 billion issue Meta旗下合资公司270亿美元债券发⾏后遭抛售 Meta’s bonds sold off shortly after. This is because fixed-income managerssuch as Pimco, which can invest across public and private debt,nonetheless sees Beignet as a Meta subsidiary. After all, the tech giant hasagreed to cover its joint venture’s outstanding debt should it choose notto renew the lease of the data center. Having bought billions of dollars ofBeignet’s bonds, asset managers have to de-risk and sell some of theirMeta holdings.微信公众号 404K微信公众号 404K Meta的债券随后遭遇抛售。这是因为包括Pimco在内的固定收益基⾦经理，尽管可以进⾏公私债务混合投资，但仍将Beignet视为Meta的⼦公司。毕竟，这家科技巨头已同意在其选择不再续租数据中⼼时，为合资企业的未偿债务兜底。在购买了Beignet数⼗亿美元的债券后，资产管理公司不得不通过减持部分Meta持仓来降低风险。 Or consider Oracle Corp., by far the most aggressive hyperscaler. Capitalexpenditure is expected to reach 138% of its operating cash flow nextyear, well exceeding runner-up Meta’s 84%. In recent days, the cost of itsfive-year credit default swap, essentially an insurance for corporate debt,has jumped. 以甲⾻⽂公司为例，这个迄今为⽌最激进的超⼤规模数据中⼼运营商，预计明年资本⽀出将达到营运现⾦流的138%，远超第⼆名Meta的84%。近⽇，其五年期信⽤违约掉期（实质上是公司债务的保险）成本已⼤幅飙升。 Buy an Insurance购买保险 Oracle's credit default swap has spiked微信公众号 404K 甲⻣⽂信⽤违约掉期成本激增 The spike is probably due to hedging demand from banks and Oracle’sbusiness partners. Dozens of lenders have been busy arranging jumbo-sized loans to finance the ambitious Stargate project, spearheaded byOpenAI Inc., SoftBank Group Corp. and Oracle to rapidly build artificialintelligence infrastructure across the US. They include a$18 billion dealtofund the construction of a campus in New Mexico, as well as a$38 billionpackagefor sites in Wisconsin and Texas. Oracle isexpected to be the微信公众号 404K微信公众号 404K tenant. 此次成本飙升可能源于银⾏与其商业伙伴的对冲需求。数⼗家贷款机构正忙着安排巨额贷款，为OpenAI、软银集团与甲⾻⽂牵头的"星际之门"项⽬提供资⾦——这个雄⼼勃勃的计划旨在全美快速构建⼈⼯智能基础设施，包括耗资180亿美元的新墨西哥州园区建设及380亿美元的威斯康星州与德克萨斯州基地项⽬包，甲⾻⽂将作为主要承租⽅。 Lenders have good reasons to fret. Building an AI data center costs about$50 billion per gigawatt, with as much as 30% of the expenses attributedto land and facilities, according to Barclays. To scale up, Oracle haschosen to save upfront costs, lease the land, and concentrate its spendingon chips instead. As such, Oracle is likely more indebted than it looks. Forthe Stargate project, the software database firm has made over $100billion of capital commitments to lease