Tech Companies Increase Bond Sales as AI Financing Costs Rise

Amazon, Alphabet and SpaceX are issuing billions of dollars in bonds as technology companies finance data centers, computing capacity and other AI infrastructure amid higher borrowing costs.

AI-related debt issuance was estimated at nearly $500 billion in 2026 as of Aug. 5. Hyperscalers accounted for approximately 40% of that estimate, which covers companies across the broader artificial-intelligence ecosystem.

Amazon issued $37 billion in dollar-denominated notes in March, with interest rates ranging from 3.85% to 6.05% and maturities extending from 2028 to 2076. The company also issued €14.5 billion in euro-denominated notes in March, CHF2.8 billion in May and C$14 billion in June.

Amazon had $132.1 billion in unsecured senior notes outstanding as of June 30, 2026.

Alphabet generated $20.3 billion in net proceeds from senior unsecured notes issued during the second quarter of 2026. Its planned 2026 capital expenditures stand at $180 billion to $190 billion. Alphabet raised more than $85 billion in debt over the year preceding its first-quarter disclosure.

SpaceX closed a $25 billion bond issuance on June 26, 2026. The five tranches carried annual interest rates from 5.35% to 6.65%, with a weighted-average rate of 5.855%. The notes mature between July 15, 2031, and July 15, 2056.

The borrowing is tied to planned investment in data centers, computing capacity and other AI infrastructure. The three companies have completed substantial debt issuance, but their filings do not establish that every bond sale was used exclusively for AI projects.

“It's hard to overstate the importance of this theme in the credit markets, both in terms of its overall scale in the amount of supply, but also in the multi-year nature of the issuance,” said Amanda Lynam, head of credit strategy research at Goldman Sachs.

Lynam also distinguished between the amount hyperscalers can issue while maintaining investment-grade ratings and the amount bond markets can absorb without excessive issuer concentration or market saturation.

The financing trend adds to earlier TokenPost coverage of AI debt and infrastructure risks, as companies commit substantial capital before infrastructure projects generate returns.