US companies have raised $131 billion in convertible debt year-to-date through early September 2026, surpassing the previous record of $120 billion set in 2025. Approximately half of these issuances are linked to artificial intelligence infrastructure projects.
August 2026 saw $25 billion in convertible bond issuance. Major market participants include Oracle, which raised $5 billion, and CoreWeave, which secured $4 billion. Additionally, ON Semiconductor and Ciena Corp issued zero-coupon convertibles worth $1.3 billion and $2.9 billion, respectively.
Zero-coupon bonds accounted for 41% of total US convertible issuance in 2026. According to JPMorgan, AI-related high-grade bond issuance reached $266 billion this year, with projected cumulative financing needs for AI capital expenditures expected to reach $2.1 trillion over the next five years.
