FACTBOX-Tech companies tap debt markets to fund AI and cloud expansion

March 11 (Reuters) - The world's largest technology companies are tapping debt markets, as they seek to bolster their artificial intelligence infrastructure, marking a shift for Silicon Valley firms that typically relied on cash to fund their investments.

Big Tech is expected to splurge more than $600 billion on AI in 2026, a sharp increase from $410 billion in 2025 amid mounting fears of an AI bubble.

The AI boom has entered a "more dangerous phase", marked by exponentially rising investments in physical infrastructure and growing reliance on outside capital, according to an analysis by Bridgewater Associates last month.

AMAZON

Amazon.com AMZN.O is looking to raise about $37 billion in an 11-part bond sale, according to a term sheet seen by Reuters on Tuesday, as it looks to fund its spending on AI infrastructure buildout.

The offering attracted about $126 billion of peak demand for bonds in the U.S., according to a source familiar with the matter.

In November last year, Amazon AMZN.O said it plans to raise $15 billion through its first U.S. dollar bond sale in three years. The six-part offering drew $80 billion in demand, according to Bloomberg News.

SALESFORCE

Cloud software provider Salesforce CRM.N said on Wednesday it has priced a $25 billion debt offering to help fund a major share buyback. Last month, the company announced a $50 billion repurchase program and lifted its dividend by 5.8%.

The company had last issued U.S. bonds in 2021, securing $8 billion to support its acquisition of communication platform Slack.

ORACLE

Oracle ORCL.N said in February it expects to raise $45 billion to $50 billion in 2026 in a combination of debt and stock 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 disclose it needed to sell significant additional debt to build out its AI infrastructure.

In September 2025, the company, chaired by Larry Ellison, filed to raise about $18 billion in debt in a six-part offering to fund AI infrastructure, after investing billions in 2025.

ALPHABET

Google-parent Alphabet GOOGL.O 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-part deal, according to the final term sheet seen by Reuters.

The company had in November last year filed to raise $17.50 billion in debt in the U.S. and 6.5 billion euros ($7.58 billion) in Europe, for general corporate purposes, including the payment of outstanding debt.

VERIZON

The U.S. carrier VZ.N had in November filed to raise about $11 billion in the corporate bond market to help fund its $20 billion acquisition of fiber-optic internet provider Frontier Communications, which it closed in January.

META PLATFORMS

The Facebook owner META.O had in October last year filed for its largest bond offering ever, of up to $30 billion, to finance a costly AI infrastructure expansion.

Meta has been navigating significant cost pressures from AI investments, boosting its capital spending plans by 73% this year to offer personalized AI to its large social media user base.

SOURCE: Data compiled by LSEG; SEC filings

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($1 = 0.8580 euros)