AI Spending Surge Drives Record Annual US Investment-Grade Bond Issuance
Driven by a surge in artificial intelligence spending that has pushed companies to take on more debt, US investment-grade bond issuance this year is expected to set a historical record on Monday, surpassing 2020's $1.75 trillion, with year-to-date issuance reaching $1.76 trillion once Monday's trades are priced. Since 2026, AI-related financing in the global high-grade bond market has exceeded $300 billion, nearly three times the full-year 2025 level. This year the US has seen nine deals each sized at least $25 billion, and apart from Skydance Corp.'s acquisition financing, all came from technology companies.
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US investment-grade bond issuance has set a record amid a surge in AI spending, offering readers a view of how AI capital expenditure transmits to corporate financing.
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The scale of U.S. investment-grade bond issuance this year is expected to set a new all-time record on Monday, surpassing the $1.75 trillion record set during the pandemic-driven borrowing boom in 2020, as a surge in artificial intelligence (AI) spending pushes companies to take on more debt. Data shows that once Monday's trades are priced, issuance so far this year will reach $1.76 trillion. Many analysts had already expected this year's issuance to set an annual record, driven by expectations of a sharp increase in spending in the AI sector. Since 2026, AI-related financing in the global high-grade bond market has exceeded $300 billion, nearly three times the full-year scale in 2025. This year the U.S. has seen nine deals with a single issuance size of at least $25 billion; apart from the financing by Skydance Corp. for an acquisition, all the rest came from technology companies. "We are witnessing one of the most capital-intensive corporate cycles in decades," said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management.