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The five largest technology companies in the US have collectively sold $159 billion in corporate bonds through early June 2026. That $159 billion figure represents a 47% jump from the $121 billion these same companies issued across all of 2025.
Who’s borrowing what
Amazon led the charge with approximately $57 billion in bond issuance, making it the single largest borrower among the group. Alphabet followed closely at around $52 billion.
Meta contributed a $30 billion bond offering, while Oracle raised $18 billion. Microsoft rounds out the five, though its individual total wasn’t broken out separately.
Technology firms now represent 18% of total US corporate debt issuance in 2026, and the sector has achieved a record 10.3% share of the investment-grade market.
Why debt, why now
Combined AI-related capital expenditures for these five companies could reach as high as $725 billion in 2026, according to projections cited by analysts. Free cash flow alone simply cannot cover the tab when you’re building dozens of hyperscale data centers simultaneously.
These companies have been issuing debt across multiple currencies and bond tenors, with some pushing into unprecedented territory. Century bonds, debt instruments with 100-year maturities, have entered the conversation.
Morgan Stanley projects that global AI-related debt could approach $570 billion by the end of 2026.
What this means for investors
Investment-grade ratings remain intact across the board, and demand for these offerings has been robust.
A 47% year-over-year increase in borrowing is the kind of acceleration that deserves scrutiny. Balance sheets that looked pristine two years ago are getting progressively more leveraged. Tech now holding 18% of total US corporate debt issuance means the bond market’s health is increasingly tied to a single sector’s fortunes.
Debt-funded capex doesn’t dilute shareholders the way equity raises would, but it does increase financial risk. Higher interest expenses eat into earnings, and the assets being financed, data centers, depreciate over time.
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