Gas generator maker ERock raises $600 million in US IPO as Morgan Stanley forecasts AI-related global debt issuance to top $570 billion in 2026

ERock, a gas generator manufacturer, raised $600 million in an initial public offering (IPO — a company's first sale of shares to the public) in the United States, according to Reuters. The deal marks a notable addition to the ongoing stream of energy-adjacent listings as infrastructure and power-generation companies continue to attract investor capital amid surging demand tied to AI data centre buildout. Separately, Morgan Stanley has forecast that AI-related global debt issuance will more than double to nearly $570 billion in 2026. The bank points to rising bond supply and credit market activity as hyperscalers — the largest cloud and technology companies — turn to debt markets to fund enormous AI-driven capital expenditure (capex). Alphabet, Amazon, Microsoft, and Meta are expected to collectively spend $700 billion in outlays this year, with the scale of that spending creating sustained demand for bond issuance across both investment-grade and leveraged markets. The ERock IPO and the Morgan Stanley forecast together illustrate two converging dynamics: the equity capital markets are being used to fund power-generation infrastructure that sits upstream of AI demand, while the debt capital markets are being tapped directly by the hyperscalers building that demand. Both trends point to a sustained pipeline of capital markets mandates across sectors that sit in the AI-adjacent infrastructure chain.