AI资本支出融资：为何选择股权？为何选择可转换债券？

AI Capex Funding: Why Equity?Why Converts? As AI capex becomes larger and longer duration, hyperscalersare broadening their funding mix beyond IG debt. Equity andequity-linked capital can preserve debt capacity, strengthencredit confidence, and support continued investment. U.S. Equity StrategyVenu Krishna, CFA+1 212 526 7328venu.krishna@barclays.comBCI, US Rex Feng+ 1 212 526 6114rex.feng@barclays.comBCI, US A reminder that we are entering the late innings of the2026 Extel All-America Research Survey! Ifyou’ve already submitted your ballot, thank you – we truly appreciate it. If not, our team would begrateful for your consideration for a★★★★★5 Star Votein the [Macro] → [Equity-LinkedStrategies & Portfolio Strategy] categories. U.S. Convertibles StrategyJack Leung+1 212 526 8432jack.leung@barclays.comBCI, US Equity capital raise does not signal "last resort" financing.Debt markets remain open to AIhyperscalers, but equity broadens the funding base, reduces reliance on any single channel, andgives issuers more flexibility as AI investment stretches further into the decade. Moreover, equitycan support credit confidence by strengthening credit metrics, adding a visible cushion forbondholders, and preserving future debt capacity. Converts bridge straight debt and common equity.They provide equity-linked capitalwithout requiring full common-stock issuance upfront, making them a flexible complement toIG debt rather than a replacement. In addition, the US convertibles market provides speed ofaccess (one-day or overnight issuance) and structural flexibility, including dilution managementtools, for issuers. Mandatoriesofferthe cleanest equity-credit structure.GOOGL and ORCL show howmandatories can provide equity-credit treatment on the balance sheet, conversion certainty,and balance-sheet signaling within a defined timeframe. Who could be next?META, MSFT, and AMZN can fund AI capex, but additional equity-linkedissuance would signal proactive balance-sheet management as spending stretches further intothe decade; neocloud and AI infrastructure issuers such as CRWV, NBIS, and IREN already showbroader convert adoption. THE 2026 EXTEL SURVEY IS NOW OPEN Support our industry-leading analysts with 5-Starvotes in this year’s Extel All-America ResearchSurvey Why Equity? Rex Feng BCI, US | Venu Krishna, CFA BCI, US The AI Capex Cycle Begins to Overwhelm Operating Cash Flows The AI investment cycle continues to defy traditional capital intensity frameworks. Followingthe latest spending commitments, we believe peak capex has been deferred further out,reflecting both persistent supply constraints in training compute capacity as well as a materialsteepening of the demand curve as enterprise adoption accelerates and model improvementsunlock new use cases. Hyperscalers are responding with sustained growth in investment over alonger horizon. The result is a growing mismatch between internally generated cash flow andprojected capital requirements, as our Internet & Semis research teams point out in AI's S-Curveis Steepening (1 June 2026). Hyperscalers Plumb the Depths of the IG Market At this point, the marginal dollar of hyperscaler investment is less easily absorbed by cash flowsand credit issuance has come to play a larger part in the funding mix. As our credit researchteam points out in Gigawatts Don't Build Themselves (21 May 2026), IG bond issuance from thecohort is already tracking north of $200bn in 2026, with expectations rising toward roughly$240bn for the full year. This level of supply is unprecedented for a non-financial sector and nowexceeds the annual issuance of the largest US banks. While the depth of demand has allowedissuers to front-load funding and extend duration, issuance cannot scale one-for-one with capexindefinitely as hyperscalers test the limits of much supply the IG market will underwrite. Ourcredit colleagues observe this in the funding mix broadening beyond traditional unsecuredbonds to alternative credit structures (data center project financing, asset-backed securities,GPU-backed loans, and joint ventures) to distribute capital intensity and optimize cost ofcapital. All this being said, hyperscalers face limited near-term funding constraints from our creditanalysts' perspective, and balance sheet capacity appears ample. Yet Alphabet (GOOGL) cameto market last week with an $84.75Bn equity capital raise to fund global compute infrastructure,consisting of $16.75Bn in 3Y mandatory convertible preferred stock, a $18Bn concurrentofferingin Class A and C shares, $40Bn at-the-marketoffering(ATM), and a $10bn private placement toBerkshire Hathaway. The question some may ask then is: if credit remains available, why tapequity? Why Equity and Why Now? From our perspective, equity issuance serves three critical functions. First, it broadens thefunding base; by incorporating equity alongside debt, companies reduce their dependence onIG markets and create flexibility to navigate periods of marke