据知情人士透露，腾讯控股有限公司正考虑发行规模最高达50亿美元的离岸债券。随着人工智能需求的增长，科技巨头纷纷寻求债务融资，腾讯此举也加入了这一浪潮。
Holdings Ltd. is considering an offshore bond sale of as much as $5 billion, according to people familiar with the matter, adding to the wave of tech companies seeking debt financing as artificial intelligence needs grow.
知情人士称，这些债券可能以美元和离岸人民币计价，发行时间最早可能就在本月。由于相关讨论属于保密性质，这些人士要求匿名。
The notes could be denominated in dollars and offshore yuan and the sale may come as early as this month, the people said, asking not to be identified because the discussions are private.
目前尚无关于资金用途的具体细节。此前，腾讯在6月通过发行长期限美元和人民币债券筹集了近47亿美元，这是其自2020年以来最大规模的债务发行。该笔交易的所得资金主要用于债务再融资及一般公司用途，例如开发人工智能产品和服务。
While no details were available on how the money would be used, the development comes after Tencent raised nearly $4.7 billion from the sale of long-dated dollar and yuan securities in June, in its largest debt offering since 2020. Proceeds from that deal were mainly for debt refinancing and general corporate purposes, such as developing AI products and services.
尽管投资者对该行业的担忧日益加剧，但科技巨头为提升人工智能能力而展开的全球融资热潮仍在持续，腾讯潜在的债券发行便是其中一例。就在上个月，软银集团通过发行史上规模最大的企业垃圾债券之一，筹集了相当于111亿美元的资金，以支持其宏大的AI雄心。
The potential bond sale adds to a global fundraising rush by tech companies as they seek to build up their artificial intelligence capabilities, despite rising investor concerns about the sector. Just last month, SoftBank Group Corp. raised the equivalent of $11.1 billion through the one of the largest corporate junk-bond offerings on record in an effort to fund its massive AI ambitions.
在业界对人工智能技术的潜在风险发出警告，并强调需要为其发展设置护栏的背景下，软银的这笔交易被一些人视为检验债务投资者如何看待AI融资的试金石。腾讯未就置评请求作出回应。
SoftBank’s deal was seen by some as a litmus test for how debt investors are thinking about AI financing amid warnings about the technology’s potential risks and the need to impose guardrails around its development. Tencent didn’t respond to a request for comment.
根据高盛集团信用策略师近期的一份报告，尽管市场担忧若技术未能给投入巨资的企业带来回报可能引发后果，但2026年全球与人工智能相关的债务发行规模已突破5750亿美元。
Global AI-related debt issuance has already topped $575 billion in 2026, according to a recent report by Goldman Sachs Group Inc. credit strategists, despite worries about potential consequences for markets if the technology fails to pay off for firms making the biggest investments.
彭博汇编的数据显示，腾讯目前约有220亿美元的离岸债券未到期，且今年没有公开债券到期。该公司有一笔美元债券将于2028年到期。
Tencent has around $22 billion of offshore notes outstanding and no public bonds maturing this year, according to data compiled by Bloomberg. It has one dollar bond due in 2028.
该公司一直在加大与人工智能相关的投入，以追赶字节跳动有限公司和阿里巴巴集团控股有限公司等竞争对手。在6月季度，其人工智能项目和计算领域的资本支出增长了176%，达到528亿元人民币（约合79亿美元）。
The company has been ramping up its AI-related spending as it tries to catch up to rivals such as ByteDance Ltd. and Alibaba Group Holding Ltd., raising capital expenditures by 176% on AI projects and computing to 52.8 billion yuan ($7.9 billion) in the June quarter.
腾讯的目标是开发出与DeepSeek或Moonshot AI顶尖模型相媲美的AI模型，例如计划于2026年晚些时候推出的Hy4。目前，腾讯已运营着中国最大的类AWS云服务之一，为希望自主开发AI平台的客户提供计算资源。
Tencent aims to develop artificial intelligence models akin to the best from DeepSeek or Moonshot AI, such as the Hy4 for later in 2026. It already operates one of the country’s largest AWS-like cloud services, offering computing to clients keen to develop their own AI platforms.