This move reflects Wall Street banks offloading massive AI infrastructure debt from their balance sheets, instead using the bond market to digest risk and reshape the financing landscape for AI data centers. Previously, several large banks had sought buyers for over $50 billion in construction debt related to Oracle data centers. This $15 billion debt is associated with a data center in Texas funded by Google and leased to Anthropic. It is expected to be split into multiple bond sales, with some potentially refinanced in the leveraged loan market. Since Google's endorsement only takes effect after the data center's completion, investors bear construction risk during the building phase, and the related bonds are expected to receive speculative-grade ratings. The bond market is replacing bank loans as the core financing platform for hyperscale AI infrastructure projects.