AI expansion to drive surge in corporate borrowing, reshaping global debt markets: Report

The rapid expansion of artificial intelligence (AI) is expected to significantly reshape global corporate debt markets as technology companies increasingly turn to borrowing to finance massive infrastructure investments. According to the OECD Global Debt Report 2026, the growing demand for AI infrastructure such as data centres, advanced chips and computing capacity is likely to drive a new wave of corporate debt issuance in the coming years. 

Artificial intelligence (AI) development is proving to be one of the most capital-intensive technological shifts in recent decades. Companies leading the AI race are investing heavily in large-scale computing infrastructure to support training and deployment of AI models. These investments include building data centres, purchasing high-performance chips and expanding cloud networks around the world.

To finance these projects, many technology firms are increasingly turning to debt markets. Traditionally, large tech companies relied more on internal cash flows and equity funding compared with other industries. However, the scale of investment required for AI is prompting them to raise more funds through bonds and other forms of debt.

The OECD report highlights that in 2025, nine major technology companies raised about $122 billion from global bond markets, accounting for nearly half of all bond issuance by the technology sector. This marks a major shift in the way leading tech firms are financing their growth. 

The trend is expected to accelerate in the coming years as investment requirements increase. The same group of companies is projected to spend around $4.1 trillion in capital expenditure between 2026 and 2030 to build AI infrastructure and related technologies. Such enormous spending could significantly increase borrowing from corporate debt markets. 

If even half of these investments are financed through bonds, the report suggests that these technology companies could account for a large share of global corporate bond issuance. This would make them some of the most influential issuers in international debt markets.

The impact of AI investment is also expected to extend beyond the technology sector. Building and operating data centres requires large investments in energy systems, semiconductor manufacturing, cooling equipment and construction. Companies operating in these sectors may also increasingly turn to debt markets to finance new projects.

As a result, AI-driven borrowing could reshape the structure of global corporate credit markets. The growing role of technology firms in bond markets may increase the concentration of debt issuance among a small group of large companies.

Another possible outcome is that corporate debt markets could start to resemble equity markets more closely. Technology companies already account for a significant share of global stock market capitalisation. Their expanding presence in bond markets could further increase their influence across financial markets.

At the same time, the report notes that the rise in AI-related borrowing may also bring new risks. Large investment commitments linked to fast-changing technologies could make debt markets more sensitive to shifts in interest rates, economic conditions or investor sentiment.

Despite these risks, debt markets are expected to play a crucial role in financing the global AI expansion. As companies race to build the infrastructure required for the next generation of artificial intelligence, corporate borrowing is likely to remain a key driver shaping debt markets in the years ahead.