Five of the world’s largest technology companies have collectively raised $159 billion in corporate bonds through early June 2026. That’s not an annual figure. That’s five months.
To put that in perspective, the same group of firms, Alphabet, Amazon, Meta, Microsoft, and Oracle, issued $121 billion for the entire year of 2025. The 2026 pace represents a 47% increase over last year’s full-year total, and we’re barely past the halfway mark.
Who’s borrowing what, and why
Amazon leads the pack with roughly $57 billion in bond issuance, followed by Alphabet at approximately $52 billion. Meta and Oracle each come in around $25 billion. Microsoft rounds out the group.
The capital is flowing almost entirely toward AI-related infrastructure. Data centers, servers, specialized chips, and the vast cooling and power systems needed to keep it all running. Projected AI-related capital expenditures for these firms in 2026 sit between $660 billion and $725 billion. For some of these companies, that spending consumes up to 90% of operating cash flow.
