US companies are borrowing at a rapid pace in Europe: US corporates have raised €149 billion, or $173 billion, in European bonds so far in 2026, the 2nd-highest annual total on record. This is also double the full-year amount seen in 2022 and 2023. At this pace, US firms are set to borrow a record €225 billion, or $261 billion, this year. This comes as heavy AI-related borrowing from Big Tech has crowded the US Dollar bond market, leaving other issuers facing worse pricing and less room to raise debt domestically. Euro-denominated debt is also cheaper to service for high-grade borrowers than US Dollar debt, a key advantage for global companies earning revenue in Euros. US firms are increasingly looking abroad for financing as the US market can no longer easily absorb the debt wave.