This week, the bond market news shows that major technology companies are resuming fundraising, with a continuing increase in overseas bond issuances to secure funding for AI infrastructure investments. This follows nearly three months of reduced borrowing through U.S. bond markets to ease investor concerns.
Bloomberg reports that seven leading U.S. tech firms—Alphabet, Amazon, Oracle, Meta, Nvidia, SpaceX, and Microsoft—have collectively raised bonds totaling approximately $429 billion, or about 1.4 trillion baht, since 2025. This reflects the massive capital these tech businesses require to accelerate AI infrastructure expansion.
An interesting aspect is that fundraising is no longer concentrated solely in the U.S. market. Large companies have started issuing bonds in international markets and multiple currencies to broaden access to long-term investment capital.
Data shows Alphabet, Google's parent company, leads with bond issuances around $125 billion, followed by Amazon at about $113 billion.
Third is Oracle with approximately $61 billion, then Meta with about $55 billion. Nvidia, SpaceX, and Microsoft each raised roughly $25 billion. Alphabet and Amazon together account for about $238 billion, more than half of the total raised by all seven companies.
The data also highlights the diversification of funding sources into foreign markets, especially Alphabet and Amazon, which have issued bonds in various currencies including U.S. dollars, euros, Canadian dollars, Swiss francs, British pounds, Japanese yen, and Australian dollars.
Although Alphabet and Amazon have the highest cumulative fundraising totals, recent bond market activity indicates other tech companies are also intensifying efforts to raise additional capital.
Oracle announced plans to raise $20 billion, split evenly between a $10 billion equity offering and $10 billion in bonds, to support AI and cloud infrastructure business expansion.
This bond issuance is divided into five tranches with maturities ranging from 3 to 20 years. Demand peaked at about $38 billion, nearly four times the offering amount, showing investors remain willing to allocate capital to companies competing in AI despite a more cautious market.
However, Oracle signaled it will cap total debt growth at $10 billion through fiscal year 2030 and expects investment spending to peak in the current and next fiscal years.
Meta, Facebook's parent company, is considering a cross-border bond offering of at least $20 billion. This would be Meta's first large bond issuance in six months and its first euro-denominated bond sale after raising $30 billion in bonds last year and $25 billion in April 2026.
Meta also announced plans to raise about $97.5 billion through the stock market, including a $37.5 billion share offering and up to $60 billion via an At-the-Market sales program.
Microsoft recently issued $25 billion in U.S. bonds on 29 October, marking its first U.S. bond sale since 2017, with investor demand reportedly exceeding $100 billion.
Despite continued access to capital markets, the massive borrowing is increasing financial costs and investor confidence pressures for these tech giants.
Data shows that the average credit spread for U.S. investment-grade tech bonds rose to 1.08 percentage points last Friday from 0.76 percentage points at the end of 2025, indicating investors require higher returns to compensate for increased risk in holding these bonds.
Meanwhile, S&P Global Ratings downgraded Meta's outlook from Stable to Negative, citing uncertainties over investment spending and free cash flow after Meta reported a net cash outflow of $2.12 billion in Q3.
Overall, tech companies face a key challenge balancing investments to maintain AI market leadership with the ability to generate cash flow and returns for shareholders and creditors.
Ultimately, having enough capital to build data centers and AI infrastructure may keep companies competitive today, but investors increasingly want to see when AI will turn these multi-hundred-billion-dollar investments into meaningful revenue and profits.
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