Tech Companies Ramp Up Debt For AI

Global technology companies issued record levels of debt in 2025, raising $428.3 billion in bonds through the first week of December, according to Dealogic. U.S. firms accounted for $341.8 billion, European and Asian issuers $49.1 billion and $33 billion respectively, while median debt-to-EBITDA rose to 0.4 and coverage ratios weakened, raising balance-sheet risks.
Key Points
- 1Increase debt issuance: Global tech firms issued $428.3 billion in bonds through early December 2025.
- 2Reflect strategic AI capex: Firms borrow as low rates and investor demand fund rapid AI investment.
- 3Raise leverage risk: Median debt-to-EBITDA rose to 0.4, weakening coverage and stressing credit metrics.
Scoring Rationale
High industry relevance and actionable metrics, but novelty limited to financial update rather than technological breakthrough.
Sources
Public references used for this report.
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