Alphabet Eyes $25 Billion Bond Sale for AI Buildout

Alphabet is looking to raise as much as $25 billion through a new U.S. investment-grade bond sale, with notes expected across up to 10 maturities ranging from two to 40 years. The final offering size remains undecided, following the company’s earlier multi-currency debt issuance and additional equity fundraising.

The move comes as the Google parent has raised its 2026 capital spending outlook to as much as $205 billion, fueling investor worries about whether the massive AI investments will generate adequate returns. Demand for AI-linked debt has softened recently, with similar offerings from Meta, Amazon, and SpaceX drawing weaker interest.

Despite these concerns, Alphabet and Amazon remain among the largest corporate borrowers funding AI infrastructure. Soaring capital expenditures already contributed to Alphabet’s first quarterly negative cash flow since its 2004 IPO.