Alphabet borrows $25 billion for AI — and investors offered it $115 billion
Alphabet sold $25 billion of investment-grade bonds on Thursday in up to 10 tranches with maturities from 2 to 40 years, drawing roughly $115 billion in peak demand — one of the year's largest order books for AI-related debt, behind only Oracle's $129 billion and Amazon's $126 billion. The company has raised its 2026 capital-spending forecast to $195–205 billion and says it plans to tap debt markets twice a year from now on.
Why it mattersWhen one of the world's most cash-rich companies becomes a scheduled, serial borrower, AI infrastructure has officially outgrown even the biggest balance sheets. The $115 billion order book says bond markets still want in — days after Google's separate Anthropic-chip financing vehicle showed how much of this boom now runs on structured debt.
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