Big Tech Borrowing Spree Hits Record Pace as AI Infrastructure Costs Soar

Major technology companies have embarked on an unprecedented debt-fueled buildout, issuing nearly $500 billion in AI-related borrowing in 2026 alone as they race to fund data centers, chips, and the computing infrastructure supporting artificial intelligence systems. The five largest US hyperscalers—Amazon, Alphabet, Meta, Microsoft, and Oracle—have more than doubled their debt obligations to approximately $350 billion over the past five years, according to recent analysis. Six AI-focused companies including Nvidia and SpaceX have collectively issued $182 billion of investment-grade bonds during 2026, while mortgage markets show an additional $250 billion in project and data-center financing and an estimated $200 billion in private credit backing the infrastructure buildout.