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

March 10 (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 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 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.

Particulars Value

Debt outstanding $105.03 billion

Cash and cash equivalents $86.81 billion

Next bond payment $2.75 billion due on May

12, 2026

SALESFORCE

Cloud software provider Salesforce is preparing to raise as much as $25 billion in a debt offering to help fund a major share buyback, Bloomberg ⁠News reported on Tuesday, citing people familiar with the matter.

Particulars Value

Debt outstanding $8.50 billion

Cash and cash equivalents $7.33 billion

Next bond payment $1.50 billion due on April

11, 2028

ORACLE

Oracle 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.

Particulars Value

Debt outstanding $131.25 billion

Cash and cash equivalents $38.46 billion

Next bond payment $2.75 billion due on March

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-part deal, according to the final term sheet seen by Reuters.