The combined debt of the seven largest United States technology companies has climbed nearly 45 percent to $578 billion by mid-2026, according to a report by SBI Research, and the report flags Anthropic’s expected public listing around November 12 as a test of whether AI revenues can justify infrastructure costs. The seven companies, widely known as the Magnificent Seven, are Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. Their combined debt stood at around $399 billion in 2025 and is now nearly 1.7 times its 2023 level, the report said.
Using an equity duration approach, the report estimated that a rise in yields could result in a potential market capitalisation decline of around $1.67 trillion to $2 trillion for the seven companies, whose combined market value was estimated at approximately $23 trillion. The report also pointed to substantial off balance sheet commitments, including obligations related to purchases and investments, as companies continue to expand AI infrastructure.
What Anthropic listing would test
The report pointed to the expected entry of Anthropic into public equity markets, likely around November 12, with a target valuation of $1.5 trillion to $2 trillion. It described the proposed listing as a high stakes litmus test for the financial viability of the AI boom, allowing public investors to assess whether rising enterprise revenues can justify the substantial infrastructure and computing costs involved.
Anthropic is not one of the Magnificent Seven, but its listing would give public investors a direct way to price a leading AI lab at a time when the largest technology companies are borrowing heavily to build data centers and buy chips. If investors pay a price near the target range, it would signal confidence that AI revenues can grow into the spending. If the listing struggles, it would raise fresh questions about how quickly that spending can be repaid.
Why Anthropic debt debate centres on yields
Higher borrowing costs and rising Treasury yields could put pressure on valuations by increasing the discount rate applied to future earnings, the report cautioned. A higher discount rate lowers the present value of earnings expected years from now, which matters most for companies whose value rests on growth far in the future. AI infrastructure spending sits in that category, because data centers and chips are bought now while the revenues they support arrive over many years.
The report also highlighted the effect of rising bond yields on the United States Federal Reserve’s holdings of government securities. Its unrealised losses on Treasury holdings increased by $26.3 billion, from $535.3 billion in December 2025 to $561.5 billion in June 2026. During the same period, the United States 10 year Treasury yield rose from 4.18 percent to 4.44 percent. Higher yields reduce existing bond prices, lowering the market value of Treasury securities held by the Fed and increasing unrealised losses, the report said.
How the Anthropic listing fits wider borrowing
Debt growth among the Magnificent Seven reflects a race to build AI capacity, not a single company’s balance sheet choice. Each of the seven is expanding data centers, buying computing hardware, and signing purchase and investment commitments that sit partly off the balance sheet. Those commitments add to the financial exposure created by the $578 billion in reported debt, even though they are not counted in that headline figure.
Anthropic would enter that market as a company whose own computing costs are large and whose revenues come largely from enterprise customers using its models. Public investors would therefore be judging two things at once: the strength of Anthropic’s own business, and whether the wider AI boom behind Anthropic’s market can support the borrowing behind it. The report frames the listing as a moment when that judgement becomes visible in a share price, rather than remaining a private funding round.
What SBI Research says about the Fed balance sheet
SBI Research clarified that the decline in the Federal Reserve’s total assets largely reflected securities runoff under its quantitative tightening programme, rather than an automatic write down caused by rising yields. That distinction matters for reading the Fed figures alongside the technology debt figures. The Fed’s unrealised losses rose as yields rose, but its asset decline was driven mainly by its policy of letting securities run off, not by marking those securities down in the same way.
The report, carried by ANI and published on November 2, does not say the Magnificent Seven cannot service their debt, and it does not predict that Anthropic will list on a specific date. It says the listing is expected around November 12, with a target valuation of $1.5 trillion to $2 trillion, and it presents that event as a test investors will watch.