Big Tech Record $182B Bond Issuance in 2026 Driven by AI Arms Race
Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have issued a combined $182 billion in investment-grade bonds so far in 2026, a 1,300% increase from the same period last year. The six firms now account for 15% of all US corporate bond issuance year-to-date.
The AI arms race is driving a historic surge in Big Tech borrowing. According to data from The Kobeissi Letter, six major firms — Amazon ($AMZN), Alphabet ($GOOGL), Nvidia ($NVDA), Meta ($META), Oracle ($ORCL), and SpaceX ($SPCX) — have issued $182 billion in investment-grade bonds so far in 2026.
This marks a 1,300% increase from roughly $13 billion over the same period in 2025. As a result, these six companies now represent nearly 15% of total US corporate bond issuance year-to-date and over 50% of the growth in corporate bond issuance this year.
A record seven bond deals of $25 billion or more have taken place during this period, matching the total number of such deals seen from 2019 to 2025. Six of the seven came from these six companies, with the remaining one coming from Salesforce ($CRM). AI capital needs are reshaping the corporate bond market.
Source: The Kobeissi Letter