According to a survey released by Barclays on Thursday, Alphabet, the parent company of Google, is expected to lead major cloud service providers in bond issuance volume this year, followed by Amazon and Meta.

The survey, which polled 180 investors including insurance companies, long-only asset managers, and hedge funds, indicates that large-scale cloud providers are projected to issue between $125 billion and $175 billion in bonds this year, with risks skewed to the upside.

More than half of the respondents stated they anticipate at least one transaction exceeding $30 billion at some point during the year, with a majority expressing a preference for bond issuances on an annual or semi-annual basis rather than more frequent offerings.

Participants also identified Oracle as offering the best total return opportunity for 2026.

Earlier this month, Alphabet raised nearly $32 billion in a bond sale completed in less than 24 hours, including bonds denominated in pounds, Swiss francs, and U.S. dollars. The company also issued an extremely rare 100-year bond—data shows this marks the first time a technology company has issued such a long-dated bond since the dot-com bubble era.