Global technology leaders are tapping the corporate bond market as part of a broader push to finance a surge in spending on artificial intelligence and cloud capacity. Companies that historically leaned on cash reserves for capital projects are increasingly selling debt to meet the growing costs of physical infrastructure and other AI-related investments.
Industrywide projections show a sharp rise in AI-related spending - more than $600 billion is expected in 2026, up from $410 billion in 2025. That escalation has raised concerns among some analysts about the sustainability of the investment cycle. A recent analysis by Bridgewater Associates described this phase of AI investment as "more dangerous," pointing specifically to the rapid acceleration of spending on physical infrastructure and a bigger role for external capital.
Amazon
Amazon.com is pursuing an 11-part bond sale expected to raise roughly $37 billion, according to a term sheet reviewed by Reuters. The debt offering drew substantial interest, with peak demand for U.S. bonds reaching approximately $126 billion, a source familiar with the matter said. The sale follows a November issuance in which Amazon sought $15 billion in its first U.S. dollar bond sale in three years; that six-part offering attracted around $80 billion in demand, according to reports.
- Particulars
- Debt outstanding: $105.03 billion
- Cash and cash equivalents: $86.81 billion
- Next bond payment: $2.75 billion due on May 12, 2026
Salesforce
Cloud software provider Salesforce is preparing a debt offering of up to $25 billion, reported Bloomberg News citing people familiar with the plans. The company intends to use proceeds to help finance a substantial share buyback, according to those reports.
- Particulars
- Debt outstanding: $8.50 billion
- Cash and cash equivalents: $7.33 billion
- Next bond payment: $1.50 billion due on April 11, 2028
Oracle
Oracle has indicated plans to raise between $45 billion and $50 billion in 2026 through a mix of debt and equity to expand cloud infrastructure capacity. In January, bondholders filed suit claiming they suffered losses because Oracle did not disclose the extent of the additional debt the company said it needed to build out AI infrastructure. In September 2025, Oracle filed to raise about $18 billion in debt through a six-part offering to fund AI infrastructure following significant investments earlier that year.
- Particulars
- Debt outstanding: $131.25 billion
- Cash and cash equivalents: $38.46 billion
- Next bond payment: $2.75 billion due on March 25, 2026
Alphabet
Alphabet, the parent of Google, completed a notable long-dated sale in February, issuing a £1 billion 100-year bond as part of a broader $31.51 billion debt raise. The company sold £5.5 billion of sterling bonds across a five-part transaction, according to the final term sheet. In November, Alphabet filed to raise $17.50 billion in U.S. debt and 6.5 billion euros for corporate purposes, including paying down existing debt.
- Particulars
- Debt outstanding: $80.21 billion
- Cash balance: $30.71 billion
- Next bond payment: $2 billion due on August 15, 2026
Verizon
Verizon filed in November to raise about $11 billion in the corporate bond market to help finance its $20 billion acquisition of fiber provider Frontier Communications, a deal it completed in January.
- Particulars
- Debt outstanding: $149.02 billion
- Cash and cash equivalents: $19.05 billion
- Next bond payment: $205.66 million due on March 20, 2026
Meta Platforms
Meta Platforms filed last October for what would be its largest bond offering to date - up to $30 billion - aimed at financing an extensive expansion of AI infrastructure. The social media giant has faced significant cost pressures related to AI investments and has increased capital expenditure plans by 73% this year to support personalized AI offerings across its user base.
- Particulars
- Debt outstanding: $59 billion
- Cash and cash equivalents: $35.87 billion
- Next bond payment: $2.66 billion due on August 15, 2027
Data in this report were compiled by LSEG and drawn from SEC filings. Currency conversions noted in source materials read ($1 = 0.7426 pounds) and ($1 = 0.8580 euros).
As these large technology firms move to monetize bond markets to fund capital-intensive AI and cloud projects, market observers will be watching both the scale of future offerings and how much companies rely on debt versus internal liquidity to sustain growth investments.