AI firms and the US government are competing for capital: US Treasury issuance excluding T-bills has risen to $5.06 trillion over the last 12 months, the highest since the 2021 record.
Over the same period, corporate debt issuance has surged to a record $2.64 trillion. This brings total Treasury and corporate debt issuance up to $7.70 trillion, an all-time high. This is increasingly driven by AI-related firms, whose bond issuance has soared +541% YoY in 2025, to $109 billion, and another +78% in the first half of 2026, to a record $194 billion. In other words, corporate America is funding one of the largest investment cycles in decades while the US government is running historically high def
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