Big Tech Raises $48B in European Bond Markets to Finance AI Expansion

Major technology companies have reportedly raised approximately $48 billion through European bond markets this year as the artificial intelligence infrastructure boom drives growing financing requirements.
According to Apollo, Big Tech's share of Swiss franc bond issuance increased from 0% in 2025 to 22% in 2026. Its share of sterling-denominated issuance reportedly climbed from 0% to 10%, exceeding the sector's cited 8% share of US bond issuance.
The expansion reflects technology companies' efforts to diversify funding sources while financing data centers, computing infrastructure and electricity-intensive AI projects. European Central Bank officials have warned that the current borrowing activity could represent the beginning of a much larger financing cycle.
Apollo reportedly expects Big Tech financing requirements to increase by another 25% in 2027. While continued investment could support AI infrastructure growth, rising debt issuance also raises questions about capital efficiency, returns on investment and future borrowing costs.