AI's convertible bond boom: $13.6B raised in just 2026
AI companies are shaking up the US convertible bond market, raising $13.6 billion so far in 2026—a massive 556% jump from this time last year, according to Bloomberg.
The rush is part of a bigger trend, with last year already setting records at $120 billion.
Oracle and Microchip lead the charge
Oracle just secured $5 billion in mandatory convertibles to boost its AI plans, while Microchip Technology raised $800 million through zero-coupon bonds at a 40% premium—well above expectations.
Through Feb. 18, 2026, 18 firms have raised nearly $13.6 billion.
Expert insights on the trend
Market ups and downs are making low-coupon deals more common, says Jason Wood of J. Wood Capital Advisors.
Goldman Sachs expects 2026's total could match or top last year's—with half of all new deals tied to AI, even spilling into energy tech.