Alphabet raised $31.51 billion through a global bond sale to finance its artificial intelligence investments. The offering spanned the U.S. dollar, sterling, and Swiss franc markets. The sale included a rare 100-year century bond issued in the sterling market. Investor demand for the U.S. dollar portion alone exceeded $100 billion in orders.
This fundraising follows Alphabet's guidance for significantly increased capital expenditures in 2026 to expand AI infrastructure. Analysts noted the bonds lacked customary investor protections, commonly known as guardrails. This absence indicates high investor confidence in Alphabet’s financial stability and future growth. Investors perceive minimal risk in waiving these standard protections for major AI players.