Alphabet Inc. has raised $32 billion through multi-currency bond offerings, marking one of the largest debt issuances in tech history. The Google parent drew strong demand from pension funds, insurers, asset managers, and hedge funds, including issuing a century-long UK bond a rarity for technology firms since the 1990s.The proceeds will fund Alphabet’s accelerating AI infrastructure buildout, with capital expenditure on data centres, chips, and AI capabilities expected to nearly double this year. The move reflects how global tech leaders are increasingly leveraging debt markets to finance AI-driven expansion, even as interest rates remain elevated.
Strategically, ultra-long bonds allow Alphabet to lock in long-term capital while spreading risk across maturities and currencies. However, the scale of AI investment raises broader questions about return timelines, monetisation models, and capital efficiency in an increasingly competitive AI landscape.
Overall, Alphabet’s record issuance signals sustained confidence in AI’s transformative potential but also highlights how the industry’s growth is becoming increasingly capital-intensive and debt-backed.
