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Alphabet raises nearly $30 billion through massive multi-currency bond offerings
Tuesday, February 10, 2026 at 01:09 PM
Alphabet is raising approximately $29.4 billion through multi-currency bond offerings, including a record-breaking sterling tranche and a rare 100-year note. This massive capital injection follows a $20 billion US dollar deal and is expected to bolster the company's financial capacity for large-scale investments.
Context
Alphabet is securing nearly $30 billion through a landmark multi-currency bond offering to finance its massive push into artificial intelligence and semiconductor infrastructure. This capital raise follows the company’s recent guidance of an unprecedented $185 billion capital expenditure budget for 2026, more than double its 2025 spending. The funds are primarily earmarked for the development of high-performance data centers and the procurement of the massive compute capacity required to support its Gemini models and Google Cloud ecosystem.
The offering includes a rare 100-year sterling bond, signaling a shift in investor sentiment that treats hyperscalers as essential long-term infrastructure. Demand has been overwhelming, with a $20 billion US dollar deal attracting $100 billion in orders earlier this week, while a £4.5 billion sterling tranche drew £24 billion in bids. This aggressive borrowing by Google's parent highlights the immense capital intensity of the global AI supply chain, as hyperscalers are expected to borrow a record $400 billion this year to secure the hardware and power necessary for AI leadership.
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