The largest technology companies are shifting funding strategies as their investments in artificial intelligence and cloud capacity grow. Where cash hoards once underwrote expansions, recent months have seen a wave of debt sales and equity raises aimed at financing data centers, chips and other physical infrastructure needed to run AI workloads.
Executives at Alphabet, Amazon, Microsoft and Meta indicated in April that spending on AI would remain elevated. Combined capital outlays by the tech giants are now forecast to top $700 billion for this year, up from roughly $600 billion previously. A February analysis by Bridgewater Associates described the AI spending surge as entering a "more dangerous phase," driven by rapidly escalating expenditures on physical infrastructure and rising dependence on external financing.
Amazon
Amazon.com has sought to tap the U.S. corporate bond market for at least $25 billion, according to reports citing people familiar with the matter. The company filed paperwork for an eight-part offering that includes both floating and fixed-rate notes. A term sheet reviewed by Reuters showed Amazon issuing senior unsecured bonds with maturities stretching from three to 40 years.
Separately, filings show Amazon issued C$14 billion of Canadian dollar-denominated notes in June, a record-sized deal for the Canadian corporate bond market. The company is also preparing a first-time, six-part Swiss franc bond offering, according to a person familiar with those plans. Earlier in the year, a March term sheet indicated Amazon was seeking to raise roughly $37 billion via an 11-part bond sale.
| Particulars | |
| Value Debt outstanding | $132.22 billion |
| Cash and cash equivalents | $104.69 billion |
| Next bond payment | $2 billion due on April 13, 2027 |
Nvidia
Nvidia disclosed in June a plan to raise $25 billion via a U.S. bond issuance, marking its first substantial tap of the debt market since 2021. The planned bonds are structured across seven tranches and include maturities extending up to 2056, as shown in a term sheet reviewed by Reuters. The offering is intended to boost liquidity as the company supports AI-related growth.
| Particulars | |
| Value Debt outstanding | $33.50 billion |
| Cash and cash equivalents | $13.24 billion |
| Next bond payment | $1 billion due on September 16, 2026 |
Salesforce
Cloud software vendor Salesforce priced a $25 billion debt offering in March to help finance a sizable share buyback. The company had unveiled a $50 billion repurchase program and increased its dividend by 5.8% in February. Salesforce last tapped the U.S. bond market in 2021 when it raised $8 billion to support its acquisition of Slack.
| Particulars | |
| Value Debt outstanding | $33.50 billion |
| Cash and cash equivalents | $8.94 billion |
| Next bond payment | $3.50 billion due on March 15, 2028 |
Oracle
Oracle announced in February plans to raise between $45 billion and $50 billion in 2026 through a mix of debt and equity with the goal of expanding cloud infrastructure capacity. The company faced a bondholder lawsuit filed in January alleging investors experienced losses because Oracle did not disclose the need to sell additional debt to fund its AI infrastructure expansion. In September 2025, Oracle filed to raise roughly $18 billion in debt through a six-part offering intended to finance AI-related infrastructure after already spending billions in 2025.
| Particulars | |
| Value Debt outstanding | $123.50 billion |
| Cash and cash equivalents | $31.29 billion |
| Next bond payment | $3 billion due on July 15, 2026 |
Alphabet
Alphabet, Google’s parent, pursued large equity offerings in June, seeking to raise $80 billion and later increasing the amount to $84.75 billion in response to strong investor demand. The equity deal included an investment from Berkshire Hathaway, which became a major new investor and a high-profile backer of Alphabet’s long-term AI and cloud approach. In related funding moves, Alphabet disclosed plans in May to issue Japanese yen-denominated bonds for the first time, expected to total several hundred billion yen according to a source with knowledge of the transaction.
Earlier in the year, Alphabet sold a rare 100-year bond worth 1 billion pounds as part of a global $31.51 billion debt raise. The company also sold 5.5 billion pounds of sterling bonds in a five-part offering, and in November it filed to raise $17.50 billion in U.S. debt and 6.5 billion euros in Europe for general corporate purposes, including repaying outstanding debt.
| Particulars | |
| Value Debt outstanding | $99.68 billion |
| Cash and cash equivalents | $38.06 billion |
| Next bond payment | $2 billion due on August 15, 2026 |
Verizon
Verizon filed in November to access about $11 billion in the corporate bond market to help finance its $20 billion acquisition of fiber provider Frontier Communications, which it completed in January. The filing was part of the company’s broader financing for network expansion and related assets.
| Particulars | |
| Value Debt outstanding | $143.05 billion |
| Cash and cash equivalents | $8.37 billion |
| Next bond payment | $1.75 billion due on March 16, 2027 |
Meta Platforms
Meta filed in October for its largest-ever bond offering of up to $30 billion to underwrite an ambitious expansion of AI infrastructure. The social media company has faced heightened cost pressures tied to AI investments and has increased capital expenditures by 73% this year to support personalized AI features across its platforms.
| Particulars | |
| Value Debt outstanding | $84 billion |
| Cash and cash equivalents | $23.43 billion |
| Next bond payment | $2.66 billion due on August 15, 2027 |
The data used above were compiled from SEC filings and market data. Currency conversion rates cited alongside some of the deals in filings reflect exchange values referenced in those materials.