GreenergyDaily

Feb. 10, 2026

Alphabet Inc. is borrowing far and wide to finance the unprecedented spending plan behind its artificial intelligence ambitions, and investors can't seem to get enough.

The Google parent raised $20 billion in its biggest ever US dollar bond sale on Monday — more than the $15 billion initially expected, after racking up one of the biggest order books of all time. It's also planning debut deals in Switzerland and the UK, including a rare sale of 100-year bonds — marking the first time a tech company has tried such an offering since the dotcom frenzy of the late 1990s.

Alphabet's U.S. offering drew more than $100 billion in demand, according to Informa Global Markets, and it included notes with maturities that range from three years to 40 years. The 40-year bonds had a 5.75% coupon.

Alphabet last week said it's planning for as much as $185 billion of capital expenditures this year, more than it has spent in the past three years combined, as it invests heavily in the data centers critical to its AI ambitions.

CFO Anat Ashkenazi said on last week's earnings call that as the company considers its total investment, "we want to make sure we do it in a fiscally responsible way, and that we invest appropriately, but we do it in a way that maintains a very healthy financial position for the organization."

When asked on the call what keeps executives up at night, CEO Sundar Pichai responded "compute capacity," adding, "power, land, supply chain constraints, how do you ramp up to meet this extraordinary demand for this moment?"