Alphabet raised $20 billion from a US dollar bond sale on February 9, 2026, exceeding the company's initial $15 billion target. The offering attracted more than $100 billion in investor orders, according to Bloomberg.
On February 10, the company sold sterling and Swiss franc-denominated bonds for the first time, including a 100-year sterling bond. The century bond is the first sale of such long-dated debt by a technology firm since Motorola sold this type of debt in 1997, according to data compiled by Bloomberg.
The 100-year bond portion of £1 billion drew £9.5 billion in bids, according to people familiar with the matter who asked not to be identified as cited by Bloomberg. The Swiss franc offering will be a minimum of 2.45 billion Swiss francs ($3.2 billion), according to Bloomberg.
Damilare Odedina
Multi-Currency Debt Sale Details
The US dollar bond sale consisted of seven tranches with maturities ranging from three to 40 years. Pricing on the longest portion—a bond maturing in 2066—tightened to 0.95 percentage point above US Treasuries from 1.2 percentage point earlier, according to Bloomberg. The three-year bonds priced at 0.27 percentage point above US Treasuries.
JPMorgan Chase, Goldman Sachs Group and Bank of America are managing the multi-currency debt raise. Barclays, HSBC Holdings and NatWest Group are also on the sterling deal.
The 100-year sterling bond is the first sale with such an extreme maturity by a technology firm since Motorola sold this type of debt in 1997, according to data compiled by Bloomberg. Only three other non-government entities have previously sold century bonds in the sterling market: Électricité de France, the University of Oxford, and Wellcome Trust.
Record AI Spending Plans
Alphabet said its capital expenditures will reach as much as $185 billion in 2026, more than it has spent in the past three years combined, according to the company's February 4 earnings call. The company said it's investing in data centres critical to its AI ambitions and its Gemini AI models.
"They want to tap every kind of investor possible, from the structured finance investor to the super long-dated investor," Gordon Kerr, European macro strategist at KBRA, told Bloomberg.
Oracle raised $25 billion from a bond offering in early February that attracted $129 billion of orders at its peak, Bloomberg reported. Morgan Stanley expects hyperscalers to borrow $400 billion in 2026, up from $165 billion in 2025. Cloud-computing companies known as hyperscalers are expected to pour more than $630 billion combined into AI in 2026, according to Reuters.
Alphabet tapped the euro bond market in November 2025, raising €6.5 billion ($7.7 billion). The company raised $17.5 billion in a US bond sale in November that attracted about $90 billion of orders, according to Bloomberg.
Ogbonda Chivumnovu
