The global race to build AI infrastructure has become so capital-intensive that companies are bypassing the sluggish IPO market entirely, choosing instead to raise massive sums through secondary offerings, convertible notes, and equity sales.
JPMorgan now projects global AI-related capital expenditures will hit $5.5 trillion by 2030, a figure the bank revised up from $5.1 trillion just months ago. Of that total, roughly $4.1 trillion is expected to be financed through debt.
Big Tech is writing checks that would make sovereign nations blush
The four largest tech spenders dropped a combined $130.65 billion on AI infrastructure in Q1 2026 alone. That’s a quarterly record, and it sets the pace for what analysts expect will be $600 billion to $700 billion in combined capital expenditure across Big Tech for the full year.
Alphabet is planning to raise $80 billion through equity issuance specifically for AI data center expansion. Part of that deal includes a $10 billion block sale to Berkshire Hathaway.
