From 2026 to date, six technology companies—Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX—have issued a record $182 billion worth of investment-grade bonds, up 1,300% from about $13 billion in the same period of 2025. These six companies account for nearly 15% of the total U.S. corporate bond issuance volume year-to-date, and have contributed more than 50% of this year’s corporate bond issuance growth. Meanwhile, the U.S. market has seen seven bond trades with a size of $25 billion or more; the number is comparable to the total count of such trades during the period from 2019 to 2025. Of these, six came from the companies mentioned above, and the remaining one came from Salesforce.

This unusual signal from the bond market points to a structural change underway: capital demand for AI infrastructure is fundamentally reshaping corporate financing behavior. In a report for July 2026, Deutsche Bank noted that the capital expenditure scale of ultra-large cloud computing firms has surpassed their operating cash flow, meaning these firms are using external financing or existing assets to support the expansion of AI infrastructure. In the first quarter of 2026, the four largest cloud providers again raised their full-year capital expenditure guidance, totaling $700 billion. By late April, Morgan Stanley further raised its capital expenditure forecasts for Amazon, Alphabet, Meta, Microsoft, and Oracle; after the adjustment, the five companies’ 2026 capital expenditures were expected to rise to $700 billion.