Big Tech’s AI debt binge puts it in competition with governments for capital

What happened

The numbers behind the borrowing spree Four of the largest US tech companies plan to spend about $650 billion on AI infrastructure in 2026. AI-linked corporate debt issuance is reported to have reached approximately $450–500 billion in the first nine months of 2026.

Big Tech's AI-driven borrowing spree intensifies competition for capital, potentially straining government financing and impacting investor strategies. 13, 2026 Governments used to have the bond market’s biggest appetite more or less to themselves.

Now they have company, and it comes with a server farm attached. Amazon , Alphabet , Meta , Microsoft and Oracle are borrowing heavily to fund artificial intelligence infrastructure.

That puts them in direct competition with sovereign borrowers, especially the US government, for the same pool of investor cash. Widen the lens to all hyperscalers, and capex estimates for the year exceed $800 billion to $1.1 trillion.

That is more than double the pace of previous years. Advertisement Tech firms have moved more than $120 billion of AI data center (a building full of computers that runs online services) spending off their books through special purpose vehicles, or SPVs, and leasing arrangements.