Big Tech Raises Over $370 Billion as US Corporate Bond Sales Hit a Record

US investment-grade corporate bond issuance reached $1.88 trillion by 4 November 2026, surpassing the full-year record of $1.86 trillion set in 2020. Amazon, Alphabet, Meta, Microsoft and Oracle raised more than $370.7 billion between them, accounting for about a fifth of the total, according to LSEG data reported by Reuters.

Fewer deals, larger borrowings

The number of issues fell by about 4% to 1,084, while their average size rose from roughly $1.4 billion to $1.7 billion. Amazon and Alphabet raised the most through bond sales. The previous record was set during the first year of the pandemic, when US interest rates were near zero and companies were building cash reserves. This year, large transactions by technology companies expanding their cloud and artificial intelligence infrastructure helped drive issuance higher.

The $370.7 billion figure measures financing raised in the bond market. Companies report capital expenditure separately, and bond proceeds can serve several purposes. Microsoft, which priced a $25 billion bond sale on 29 October, listed investment, working capital, acquisitions, share buybacks and repayment of existing debt among the possible uses. Oracle’s November offering combined $10 billion in bonds with a common stock offering of the same value.

Investment-grade issuance, USD trillions

2020, full year: 1.86

2026, through 4 November: 1.88

Scale: 0 to USD 2.0 trillion

Share of issuance through 4 November 2026

• About 20%: Amazon, Alphabet, Meta, Microsoft and Oracle — more than $370.7 billion
• About 80%: other issuers

Source: LSEG, reported by Reuters on 6 November 2026. Shares rounded. The 2020 figure covers 12 months.

Investment and debt at the five technology groups

The companies’ financial reports show their investment in the latest reported quarter and their debt at the end of that period. The debt figures below are balance-sheet amounts at specific dates; LSEG’s figures measure new issuance over a period. Definitions of capital expenditure differ, particularly in the treatment of leases, so these amounts should not be added together as a combined AI budget.

Source: quarterly reports and earnings presentations. Balance-sheet figures are for the end of August or September 2026.

Amazon illustrates the pressure on cash flow. It generated $168.3 billion in operating cash flow over the 12 months to the end of September, but free cash flow after net purchases of property and equipment was negative $42.4 billion. Amazon said AI investment accounted for most of the increase in spending on those assets.

Why cash-rich companies sell bonds

Issuing bonds allows companies to preserve cash for day-to-day operations and spread principal repayments over years when new data centres are expected to generate revenue. Fixed-rate bonds lock in the interest cost of a particular issue. Debt also raises capital without diluting shareholders’ ownership, but commits the company to interest payments and scheduled repayment even if the investment is delayed.

Alphabet ended September with $265.1 billion in cash and marketable securities, including $90.4 billion in marketable equity securities. Its capital expenditure exceeded operating cash flow in the same quarter. After the quarter ended, it returned to the European market with a €6 billion bond offering, its second in that currency in 2026.

Data centres require billions before revenue begins

JLL forecast that the average global cost of building a data centre and its core facilities would reach $11.3 million per megawatt in 2026. At that rate, a 100 MW facility would cost about $1.13 billion before IT equipment. Equipping an AI-ready facility could cost up to a further $25 million per megawatt, according to JLL. Alongside servers and accelerators, project budgets must cover network infrastructure, power and cooling.

A delayed grid connection can postpone both opening and initial revenue. Once a facility opens, profitability depends partly on how much computing capacity customers use and what they pay. Servers need replacing more often than buildings and their infrastructure, shortening the time available to recover part of the investment. If revenue grows more slowly than expected, a company may have to fund the project from other businesses for longer or refinance debt at a higher cost.

Goldman Sachs sees bonds funding about 35% of 2027 capital spending

Bond issuance could finance about 35% of major cloud infrastructure providers’ capital expenditure in 2027, according to a Goldman Sachs forecast reported by Reuters. That estimate concerns the future share of this group’s spending financed by bonds. Analysts say further issuance decisions will depend partly on how quickly AI services generate revenue and how companies’ purchase commitments grow.

European debt markets and the implications for Poland

Alphabet’s issue illustrates European investors’ direct access to a growing pool of US technology debt. According to FTSE Russell, part of LSEG, rising borrowing by the largest cloud providers is already changing the composition of investment-grade bond indices. For Polish investors buying this debt through funds, issuer concentration, interest-rate sensitivity and currency hedging therefore matter. Without hedging, movements in the dollar or euro against the zloty can increase or reduce returns measured in PLN.

For companies developing data centres in Poland, expanding global operators represent potential customers as well as competitors for sites with adequate power access. CBRE estimates that Poland’s data centre market could reach 500 MW by 2030. Financing an individual facility will depend on the grid connection date, spending schedule and the share of capacity already covered by customer contracts. A delayed connection can postpone rental income and increase financing costs before the first servers go live.

This article is for information only and does not constitute an investment recommendation or investment advice. Investing in bonds and funds carries the risk of losing some or all of the capital invested.

By Adam Ujazdowski. Polish original published on 6 November 2026. English edition prepared on 6 November 2026.