**AI Financing Reaches Record Scale**

“I've never seen anything like it in terms of the size of the financing that's coming in both debt markets, equity markets. **The cost of debt has actually equilibrated in many ways to the cost of equity for some of these companies.** I've heard people compare this to the internet bubble. These companies are throwing off real revenue, real cash flow.”

Rick Rieder, **BlackRock**.

AI borrowing has pushed **U.S. high-grade bond sales to an annual record**. Meta, SpaceX, and Broadcom have all raised debt in the past few days. When debt costs as much as equity, the biggest borrowers start selling stock.

**** **[@venture](https://t.me/venture)