Companies listed in the U.S. have raised $131 billion in convertible debt through early September 2026, surpassing the previous full-year record of more than $120 billion set in 2025. Bloomberg data shows that roughly half of this year's convertible bonds are tied to artificial-intelligence initiatives, including data centers, chips and related infrastructure. August alone produced $25 billion in issuance. Major borrowers included CoreWeave with $4 billion, Oracle with $5 billion, ON Semiconductor with $1.3 billion in zero-coupon convertibles and Ciena Corp with a $2.9 billion zero-coupon deal. Zero-coupon convertibles accounted for 41% of U.S. convertible issuance in 2026 and are on track for a global record. JPMorgan estimates that AI-related high-grade bond issuance has reached $266 billion this year and projects cumulative AI capital-expenditure financing needs of $2.1 trillion over the next five years.