Global AI Debt issuance set to surpass $500 billion in 2026, Morgan Stanley projects
Global debt issuance linked to artificial intelligence is expected to surge sharply in 2026, surpassing half a trillion dollars as major technology companies increasingly rely on bond markets to finance massive infrastructure investments, according to projections from Morgan Stanley.
The financial institution estimates that AI-related debt issuance could reach nearly $570 billion in 2026, more than doubling previous levels. This growth reflects rising capital needs as technology giants expand data centers, computing power, and advanced AI systems.
Large technology firms, often referred to as hyperscalers, are shifting away from exclusive reliance on internal cash flow and are turning to debt markets to fund accelerating capital expenditure requirements. Companies such as Alphabet, Amazon, Microsoft, and Meta are expected to remain central drivers of this trend.
Morgan Stanley notes that AI-related borrowing has already reached significant levels, with hundreds of billions issued in the first half of 2026 alone. The bank also expects issuance to accelerate further in the second half of the year as spending continues to rise.
Analysts highlight that hyperscaler investment in artificial intelligence infrastructure could exceed one trillion dollars by 2027, reinforcing the long-term expansion of credit markets tied to the technology sector.
While the economic backdrop remains stable, rising bond supply is expected to influence pricing dynamics in global credit markets, with increasing reliance on multi-currency and non-dollar financing strategies.
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