Meta, Alphabet, Amazon, Microsoft Tap Record Debt to Fuel $725B AI Capex Surge

Four Big Tech companies are turning to debt markets on an unprecedented scale to fund an artificial intelligence expansion, with combined capital spending plans of $725 billion for 2026. That represents a 77% jump from $410 billion last year, reflecting a pivot from internally generated cash toward borrowed capital. Alphabet (GOOGL) in February raised $31.51 billion across global markets, including the first 100-year tech-sector bond in decades. Through May 2026, AI-related investment-grade issuance totaled $140 billion—49% of all such bonds, according to the Kobeissi Letter. High-yield AI debt reached $21 billion, or 38% of that segment. Meta (META) saw total debt climb from $36 billion in 2023 to $84 billion by end-Q1 2026. Amazon (AMZN) projects $200 billion in capex, Microsoft (MSFT) $190 billion, Alphabet $175-$185 billion, and Meta $115-$135 billion. The five hyperscalers aim to add $2 trillion in AI-related assets by 2030.