PIMCO Sold AI Debt in Time, Avoiding Billions in Paper Losses
nashnova research
Pimco, one of the world's largest bond funds, cut roughly half its positions in two landmark AI-infrastructure debt deals while prices were still high — locking in profits and dodging billions in paper losses now hitting fixed-income investors.
What did Pimco actually do?
In 2025 Pimco anchored Meta's Louisiana data-center financing at roughly $18 billion, then committed about $10 billion to Oracle's Michigan data-center campus.
It has since trimmed both positions by roughly half, selling while bond prices were elevated.
This means → Pimco treated AI debt not as a buy-and-hold bet but as a timing trade — load up early at a discount, sell in tranches once the price rises.
How much did the timing save?
On the Meta-linked bonds (codename "Beignet"), Pimco sold about $3 billion within six to eight months of pricing, when the bonds traded above par — at one point topping 110 cents on the dollar.
Oracle's Michigan bonds were issued at 98.7 cents; Pimco bought in at an even steeper discount as the anchor investor. Those bonds have since fallen to about 88 cents.
In plain terms = on the Meta deal, Pimco cashed out a large chunk while it was profitable. On Oracle, its entry price was below market — and cutting early spared it the worst of the slide.
Why is Pimco now passing on new deals?
Pimco chose not to participate in the large joint financing from Broadcom and Anthropic, and also passed on SoftBank's roughly $11 billion junk-bond issue and Oracle's New Mexico data-center loans.
This reflects Pimco's long-standing skepticism of private credit — it has repeatedly warned that lending standards are loose in a market now exceeding $1.8 trillion.
Yet Pimco hasn't left altogether: it recently bought $4 billion of SpaceX debt alongside Blackstone and Apollo. This means → the logic is not "avoid AI" but "only take deals where Pimco can set the price."
What does this signal for the market?
Bond prices on both the Meta and Oracle deals have pulled back recently, and Pimco remains one of the largest holders of both.
In plain terms = even after halving its positions, Pimco's exposure is still large — further price moves will hit its book directly.
This reflects a bigger question: AI-infrastructure debt supply keeps expanding while prices sag. Whether early entrants can exit cleanly depends on whether the next buyer is willing to step in.
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