Oracle, Broadcom offerings drive YOY surge in IT capital market activity in 2025

Publicly traded IT companies in North America increased their capital markets activity in 2025 compared with the previous year, driven by multiple debt offerings from Oracle Corp. and Broadcom Inc.

Debt offerings comprised the bulk of the 2025 total with $162.19 billion. Common equity offerings added $30.29 billion, while preferred security offerings contributed $4.58 billion. Together, they raised a total of $197.06 billion for 2025, up from $141.21 billion in 2024.

Capital activity peaked in September at $46.90 billion. During that month, enterprise software company Oracle raised $14.50 billion through five senior debt offerings, ranging in size from $2.00 billion to $4.00 billion. Broadcom sold $2.25 billion, $1.75 billion and $1.00 billion of senior notes in concurrent offerings while completing an exchange offer for up to $750.0 million of its 2028 senior notes.

Both companies also completed multiple offerings in January. Oracle sold five sets of fixed-rate notes and a set of floating-rate notes worth $7.75 billion in total, while chipmaker Broadcom sold a total of $3.00 billion in fixed-rate debt via three separate offerings.

Broadcom also completed three parallel offerings of senior debt worth a total of $6.00 billion in early July.

Overall, Oracle raised $22.25 billion through 11 offerings, while Broadcom sold $14.75 billion of debt through 10 offerings in 2025.

– Learn more about the megadeals that drove a surge in IT M&A activity in December 2025. – Read S&P Global Market Intelligence's feature on how technology spending intent recovered significantly in the fourth quarter of 2025. – Visit the Transactions Statistics page on S&P Capital IQ Pro for a custom screen of capital offerings.

For December 2025, the sector raised $10.00 billion in aggregate capital, more than the $5.62 billion raised in November but down from $13.87 billion in December 2024.

December's biggest offering was the completion of Intel Corp.'s private placement of shares worth $5.00 billion to NVIDIA Corp.

Intel issued and sold 214,776,632 common shares at $23.28 apiece in cash to NVIDIA, as part of an investment deal aimed at developing multiple generations of custom data center and personal computing products. NVIDIA's AI and accelerated computing will be integrated with Intel's CPU technologies and x86 platform.

AI infrastructure provider CoreWeave Inc.'s upsized offering of $2.59 billion in convertible senior notes emerged as the second-largest capital offering in December.

The offering, upsized from an initial target of $2.00 billion, includes a fully exercised overallotment option of up to an additional $337.5 million in principal amount of the notes.

CoreWeave earned net proceeds of about $2.54 billion, a portion of which was used to fund the cost of entering into capped call transactions with some of the initial buyers of the notes. The transactions sought to reduce the potential dilution to CoreWeave's shares upon conversion of the notes. The rest of the net proceeds will be used for general corporate purposes.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC were underwriters for the CoreWeave offering.

Chip design software provider Synopsys Inc. also received a $2.00 billion investment from NVIDIA in early December. The third-largest offering of the month entailed the private placement of 4,821,717 shares of Synopsys' common stock at $414.79 apiece to NVIDIA, equivalent to a 2.6% stake.

The offering is part of an expanded strategic partnership that will see Synopsys and NVIDIA developing products in the areas of engineering and design using the companies' respective technologies. These include applications for chip design, physical verification and agentic AI engineering, among others.

Turning to total capital raised by subsector, application software companies ended 2025 on top of the rankings with $46.07 billion, slightly lower than the 2024 total of $47.23 billion. Semiconductor companies raised $38.61 billion, the second-highest amount, while systems software companies ranked third with $28.33 billion.

Companies in the electronic manufacturing services subsector raised the least amount of capital in 2025 with $2.41 billion.