Technology companies issued a record $108.7 billion in corporate bonds during Q4 2025, roughly double the amount from the prior quarter, according to Moody’s Analytics. For the full year of 2025, Big Tech firms collectively raised approximately $120 billion in corporate debt, almost entirely to fund artificial intelligence infrastructure.
Alphabet’s blockbuster deal sets the tone
The poster child for this trend landed in February 2026. Alphabet priced a $20 billion seven-part US dollar bond offering on February 9, upsized from an initial $15 billion target after investor demand went, to put it mildly, a bit wild.
The deal attracted over $100 billion in investor orders. That’s a 5x oversubscription ratio for a company that arguably doesn’t even need to borrow money. Alphabet achieved 25 basis points of spread compression during bookbuilding, meaning the cost of borrowing actually fell as more investors piled in.
Alphabet also introduced a 100-year sterling bond, the first time a tech company has issued century-duration debt since 1997.
