AI-related borrowing is skyrocketing. US Dollar-denominated AI-related corporate bond issuance is up to $419 billion so far in 2026, the highest annual figure on record. This represents a +90% YoY increase from full-year 2025 and a +437% increase from full-year 2024. Year-to-date, Alphabet, $GOOGL, Amazon, $AMZN, Meta, $META, Microsoft, $MSFT, and Oracle, $ORCL, have issued a combined $157 billion in corporate bonds, accounting for 37% of the total. This is followed by investment-grade and high-yield data center and computing companies, which have raised $66 billion and $37 billion, respectively, and together account for ~25% of AI-related issuance. Other AI-linked corporate bonds have represented $159 billion, or 38%. The AI revolution is driving an unprecedented wave of corporate borrowing.