(Updates throughout)
March 10 (Reuters) - The world’s largest technology companies are tapping debt markets, as they seek to bolster their artificial intelligence infrastructure, marking a shift for Silicon Valley firms that typically relied on cash to fund their investments.
Big Tech is expected to splurge more than $600 billion on AI in 2026, a sharp increase from $410 billion in 2025 amid mounting fears of an AI bubble.
The AI boom has entered a “more dangerous phase”, marked by exponentially rising investments in physical infrastructure and growing reliance on outside capital, according to an analysis by Bridgewater Associates last month.
<h3>AMAZON</h3>
Amazon.com (AMZN.O) is looking to raise about $37 billion in an 11-part bond sale, according to a term sheet seen by Reuters on Tuesday, as it looks to fund its spending on AI infrastructure buildout.
The offering attracted about $126 billion of peak demand for bonds in the U.S., according to a source familiar with the matter.
In November last year, Amazon (AMZN.O) said it plans to raise $15 billion through its first U.S. dollar bond sale in three years. The six-part offering drew $80 billion in demand, according to Bloomberg News.
Particulars Value
Debt outstanding $105.03 billion
Cash and cash equivalents $86.81 billion
Next bond payment $2.75 billion due on May
12, 2026
<h3>SALESFORCE</h3>
Cloud software provider Salesforce (CRM.N) is preparing to raise as much as $25 billion in a debt offering to help fund a major share buyback, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Particulars Value
Debt outstanding $8.50 billion
Cash and cash equivalents $7.33 billion
Next bond payment $1.50 billion due on April
11, 2028
<h3>ORACLE</h3>
Oracle (ORCL.N) said in February it expects to raise $45 billion to $50 billion in 2026 in a combination of debt and stock to build additional capacity for its cloud infrastructure.
The cloud company was sued in January by bondholders who said they suffered losses because the company failed to disclose it needed to sell significant additional debt to build out its AI infrastructure.
In September 2025, the company, chaired by Larry Ellison, filed to raise about $18 billion in debt in a six-part offering to fund AI infrastructure, after investing billions in 2025.
Particulars Value
Debt outstanding $131.25 billion
Cash and cash equivalents $38.46 billion
Next bond payment $2.75 billion due on March
25, 2026
<h3>ALPHABET</h3>
Google-parent Alphabet (GOOGL.O) sold a rare, 100-year bond worth 1 billion pounds ($1.35 billion) in February, as part of a global $31.51 billion debt raise.
The company sold 5.5 billion pounds worth of sterling bonds in a five-part deal, according to the final term sheet seen by Reuters.
The company had in November last year filed to raise $17.50 billion in debt in the U.S. and 6.5 billion euros ($7.58 billion) in Europe, for general corporate purposes, including the payment of outstanding debt.
Particulars Value
Debt outstanding $80.21 billion
Cash balance $30.71 billion
Next bond payment $2 billion due on August
15, 2026
<h3>VERIZON</h3>
The U.S. carrier (VZ.N) had in November filed to raise about $11 billion in the corporate bond market to help fund its $20 billion acquisition of fiber-optic internet provider Frontier Communications, which it closed in January.
Particulars Value
Debt outstanding $149.02 billion
Cash and cash equivalents $19.05 billion
Next bond payment $205.66 million due on March
20, 2026
<h3>META PLATFORMS</h3>
The Facebook owner (META.O) had in October last year filed for its largest bond offering ever, of up to $30 billion, to finance a costly AI infrastructure expansion.
Meta has been navigating significant cost pressures from AI investments, boosting its capital spending plans by 73% this year to offer personalized AI to its large social media user base.
Particulars Value
Debt outstanding $59 billion
Cash and cash equivalents $35.87 billion
Next bond payment $2.66 billion due on August
15, 2027
SOURCE: Data compiled by LSEG; SEC filings
($1 = 0.7426 pounds)
($1 = 0.8580 euros)

GOOW

DTCR

- Major technology companies are increasingly turning to debt markets to finance their expanding artificial intelligence (AI) infrastructure, a departure from their traditional reliance on cash.  
- For 2026, Big Tech is projected to invest over $600 billion in AI, amid concerns of a potential investment bubble.  
- Companies like Amazon, Salesforce, Oracle, Alphabet, Verizon, and Meta are expected to raise substantial funds through bond offerings to support their AI initiatives.

FACTBOX-Tech companies tap debt markets to fund AI and cloud expansion