March 10 (Reuters) – The world’s biggest technology companies are exploring debt markets as they look to bolster artificial intelligence infrastructure, marking a shift for Silicon Valley firms that typically rely on cash to finance their investments.
Big tech is expected to spend more than $600 billion on AI in 2026, a sharp increase from $410 billion in 2025 amid growing fears of an AI bubble.
The AI boom has entered a “very dangerous phase,” marked by a rapid increase in investment in physical infrastructure and an increase in offshore investment, according to an analysis by Bridgewater Associates last month.
AMAZON
Amazon.com plans to raise about $37 billion in a Section 11 bond sale, according to a term sheet seen by Reuters on Tuesday, as it looks to finance its spending on building its AI infrastructure.
According to a source familiar with the matter, the offering attracted over $126 billion in demand for the bonds in the United States.
In November last year, Amazon said it planned to raise $15 billion in three years through its first US dollar bond sale. According to Bloomberg News, the six-part offer attracted $80 billion in bids.
Special values
$105.03 billion in outstanding debt
Cash and cash equivalents of $86.81 billion
The next bond payment is scheduled to be $2.75 billion in May
12, 2026
SALESFORCE
Cloud software provider Salesforce is preparing to raise up to $25 billion in a debt offering to help finance a major share buyback, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Special values
$8.50 billion in debt outstanding
Cash and cash equivalents of $7.33 billion
The next bond payment is scheduled for April at $1.50 billion
11, 2028
ORACLE
Oracle said in February that it expects to raise $45 billion to $50 billion in a combination of debt and stock in 2026 to build additional capacity for its cloud infrastructure.
The cloud company was sued in January by bondholders who said they suffered losses because the company failed to sell significant additional debt it needed to build its AI infrastructure.
In September 2025, the company, led by Larry Ellison, sought to raise about $18 billion in debt in a six-tranche proposal to fund its AI infrastructure, after investing billions by 2025.
Special values
$131.25 billion in debt outstanding
Cash and cash equivalents of $38.46 billion
The next bond payment is scheduled for March at $2.75 billion
25, 2026
Alphabet
Google parent Alphabet sold a rare, 100-year bond worth 1 billion pounds ($1.35 billion) in February as part of a global $31.51 billion debt raise.
The company sold 5.5 billion pounds worth of sterling bonds in a five-tranche deal, according to the latest term sheet seen by Reuters.
