Big Tech bond issuance expected to reach $320B in 2026, competing with US Treasuries as tech firms fund AI infrastructure.
Macro & Markets ·
Combined bond issuance from major technology firms and their special purpose vehicles is projected to reach $320 billion in 2026, representing a $120 billion year-over-year increase of 60 percent. Tech debt issuance is expected to comprise roughly 70 percent of total Treasury bond issuance, more than double the 30 percent share in 2025 and nearly 9 times the 2024 level, positioning technology companies as an increasingly significant competitor to the US government for long-term debt market capital at a time when investors are demanding higher returns to hold such debt.