Chinese technology giant Tencent is preparing to raise at least $4.5 billion through a new bond sale as it ramps up investment in artificial intelligence and computing infrastructure.
The proposed offering will include bonds denominated in U.S. dollars and offshore Chinese yuan. Reuters reported that the final size could change depending on market conditions and investor demand.
The planned fundraising comes just months after Tencent raised $4.66 billion through a four-part bond offering in June, its largest debt deal since 2020.
Bloomberg reported on Monday that Tencent told investors the latest roughly $5 billion offering would help finance AI-related capital expenditure, with a significant portion expected to go toward purchasing chips and other computing infrastructure.
Tencent has been dramatically increasing its AI spending. Its capital expenditure more than doubled to 96.3 billion yuan, or about $14.4 billion, in the first half of 2026, driven by investments in computing equipment, software and data centres.
Tencent’s proposed bond sale also comes as China pushes to strengthen its domestic AI capabilities and reduce reliance on foreign technology.