Technology companies are projected to become larger net issuers of long-term debt than the U.S. government in 2027, former UK Prime Minister Rishi Sunak said. Investment in artificial intelligence is driving demand for capital, and the forecast points to a change in who borrows in long-term markets: private technology companies would take a larger share of financing than the U.S. government.
A shift in long-term borrowing
Sunak said investment in artificial intelligence drives the demand for capital. The projection concerns net issuance of long-term debt, not total borrowing of every kind. The account gives no dollar figure for expected issuance and names no individual technology companies.
The report says the change would reorder capital markets. Private-sector technology investment would absorb a share of long-duration financing that sovereign borrowers have historically dominated. In this shift, technology companies would occupy a larger place in long-term debt markets relative to the U.S. government.
The comparison is between technology companies as a group and the U.S. government. It concerns a forecast for 2027. No separate estimate covers any company, other government, or category of technology investment.
Pressure on public borrowing costs
The report says the projected change would add upward pressure on yields. European governments are already fiscally stretched. The account doesn’t quantify the expected change in yields or specify how much pressure would come from technology-company borrowing.
Sovereign borrowers have historically dominated long-term financing, while the projected shift would increase the share absorbed by private-sector technology investment. The stated consequence is a reordering of capital markets and added yield pressure. The report doesn’t say sovereign borrowing would stop, nor does it describe a transfer of legal authority from governments to technology companies.
The account links demand for capital to artificial-intelligence investment but provides no breakdown of how companies would use borrowed funds. It doesn’t identify particular projects, lenders, or debt instruments. There’s also no figure for the total volume of long-term financing in the market.
What the projection doesn’t establish
The reported forecast concerns borrowing and capital markets. It provides no figures about migration, demographic change, employment effects, or cultural policy, and identifies no popular or nationalist response. It names no international institution or policy framework as the driver of projected issuance. The account identifies technology companies, the U.S. government, and European governments described as fiscally stretched.
The account also doesn’t identify which companies would issue the debt, who would buy it, or whether particular governments would change their borrowing plans. It attributes the forecast to Sunak and connects the scale of capital demand to artificial-intelligence investment. Beyond the projected comparison and expected pressure on yields, it supplies no additional numerical forecast.
The central change remains a forecast: in 2027, technology companies are expected to issue more long-term debt on a net basis than the U.S. government. Private investment would take a larger share of financing historically dominated by sovereign borrowers, while European governments face the reported prospect of added upward pressure on yields.