# Dalio Sees U.S. Net Debt Supply Reaching $4.4 Trillion in 2027 By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/34406 Published: 2026-10-18T14:53:30.000Z Updated: 2026-10-18T14:53:30.000Z Section: Investing > Hyperscalers issued $220 billion in bonds during the first half of 2026, more than twice their total for all of 2025. Ray Dalio expects annual net U.S. debt supply to reach about $4.4 trillion in 2027, as artificial intelligence investment adds to borrowing demands in a market already absorbing heavy Treasury issuance. The projection excludes maturing debt that must be refinanced. Dalio puts annual net debt supply at about $3.5 trillion in 2025. The estimate does not include bonds reissued to replace debt coming due. Hyperscalers issued about $220 billion in bonds during the first half of 2026, more than twice the $108 billion issued during all of 2025. The half-year total shows how quickly borrowing for AI expansion has grown compared with the prior year's full-year issuance. Dalio linked higher AI capital spending funded through borrowing and equity issuance with declining free cash flow. He described the drop as the “classic first stage of a squeeze.” Hyperscalers now account for 10% of global investment-grade bond issuance, compared with less than 1% in 2024. Their share puts AI infrastructure companies among a larger portion of the market that investors must absorb as issuers seek financing. Supplier financing is also growing. Broadcom agreed to lend Anthropic up to $42 billion to buy its chips. If investors demand higher yields to absorb the combined supply, government and corporate borrowers would face higher borrowing costs. Dalio's forecast extends his [earlier warning about Treasury supply and the U.S. debt burden](), which focused on rising yields and borrowing costs. ## Links in this article - [earlier warning about Treasury supply and the U.S. debt burden](https://www.tokenpost.com/news/investing/31638)