Tencent Holdings Ltd. is planning an offshore bond sale of up to $5 billion to fund AI-related capital expenditures. The company already raised approximately $4.7 billion in a similar operation in June 2026, its largest bond sale since 2020. In the second quarter of 2026, its AI and computing capital expenditures surged 176% year-over-year, reaching 52.8 billion yuan, or $7.9 billion. It also signed a five-year lease agreement with Oracle for approximately 100,000 advanced AI chips, valued at around $7 billion. Global AI-related corporate debt issuance exceeded $575 billion in 2026.
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