AI Hyperscalers Seen Driving Surge in U.S. Corporate Bond Supply in 2026
U.S. corporate bond issuance is set to rise sharply in 2026, with artificial intelligence hyperscalers expected to be a major driver as they ramp up spending on data centres and computing power, analysts say.
According to a report from Barclays, total U.S. corporate bond issuance could reach $2.46 trillion in 2026, up nearly 12% from $2.2 trillion in 2025. Net issuance is forecast at $945 billion, a 30% increase from last year, with AI-related capital expenditure seen as the biggest upside risk.
Barclays said the rise in supply would be driven less by financial firms and more by non-financial companies, particularly large AI-focused technology groups that may need to fund “jumbo” bond deals to support rapid expansion.
The five major AI hyperscalers — Amazon, Google, Meta Platforms, Microsoft and Oracle — issued about $121 billion in U.S. corporate bonds last year, far above their 2020–2024 average of $28 billion, according to BofA Securities.
BofA expects hyperscaler borrowing to accelerate further, estimating the group could raise around $140 billion a year over the next three years, potentially exceeding $300 billion annually. That would put them on par with the largest U.S. banks as bond issuers and make them some of the biggest names in the investment-grade market.
Hyperscalers already dominated issuance in 2025. According to MUFG, four of the five largest U.S. high-grade bond deals last year came from AI-driven tech firms, including Oracle’s $18 billion sale and Meta’s $30 billion deal — the largest ever non-M&A investment-grade bond offering.
The surge in supply has begun to widen credit spreads, pushing investors to hedge AI-related risks through credit default swaps. MUFG data shows the cost of insuring hyperscaler debt has risen since mid-2025, with Oracle’s five-year CDS more than tripling since its September bond sale.