TLDR
- Alphabet plans at least $9.4B in GBP and CHF bond sales
- The move follows a $20B U.S. dollar bond offering
- Funds target AI data centers and infrastructure expansion
- Rare 100-year bond highlights investor appetite for long-dated risk
- GOOG stock trades near $324 as markets assess leverage shift
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Alphabet Inc. (GOOG) shares Class C shares trade near $324.40, up about 0.4% in the latest session, as investors digest reports of another major debt issuance.
Alphabet Inc., GOOG
The tech giant is reportedly preparing to raise at least $9.4 billion through bond offerings in the United Kingdom and Switzerland, expanding its global funding push tied to artificial intelligence investment.
Alphabet Turns To Global Debt Markets
According to reports citing people familiar with the matter, Alphabet plans to issue roughly £4.5 billion in sterling-denominated bonds in the UK. The bonds are expected to span maturities from three to 32 years and may include an ultra-rare 100-year bond. Pricing is expected shortly after launch.
Alphabet, $GOOGL, plans to sell a 100-year bond as part of its mega debt issue, per Bloomberg.
The 100-year bond will be denominated in sterling, and the main buyer is expected to be insurance companies and pension funds.
— unusual_whales (@unusual_whales) February 9, 2026
In Switzerland, Alphabet aims to raise a minimum of 2.45 billion francs through bonds with maturities ranging from three to 25 years. Together, the UK and Swiss offerings would total at least $9.4 billion, marking a significant expansion beyond the company’s recent U.S. deal.
Following A $20 Billion Dollar Sale
The reported European offerings come just days after Alphabet sold $20 billion in U.S. dollar-denominated bonds across seven tranches. Those notes mature between 2029 and 2066, according to a regulatory filing. The deal ranks among the largest corporate bond sales of the year.
Alphabet is raising $20 billion in US dollar bonds plus first-ever UK and Swiss offerings, including a 100-year bond. The company plans up to $185 billion in capex this year. Morgan Stanley expects hyperscalers to borrow $400 billion in 2026, up from $165 billion in 2025,… pic.twitter.com/SBOnI1MDR5
— Shanu Mathew (@ShanuMathew93) February 9, 2026
Alphabet stated that the proceeds will support its rising capital expenditure needs, with a sharp focus on AI infrastructure. Data centers, specialized chips, and network capacity now sit at the center of its long-term strategy.
AI Spending Reshapes Big Tech Financing
Alphabet’s move reflects a broader shift across Big Tech. After years of relying on strong cash flows, major technology firms have turned more actively to the bond market. Analysts estimate combined capital expenditure from Alphabet, Microsoft, Amazon, and Meta could reach at least $630 billion this year, driven mainly by AI-related projects.
This spending wave has changed how investors view technology balance sheets. Firms once seen as asset-light now resemble long-term infrastructure builders. As a result, longer-dated debt has become a more common financing tool.
Century Bond Raises Eyebrows
The potential inclusion of a 100-year bond has drawn particular attention. Century bonds typically attract governments or regulated utilities with stable and predictable cash flows. Alphabet’s consideration of such a maturity highlights both investor confidence and growing risk tolerance linked to AI growth.
Market analysts note that the tech industry has not seen a century bond issuance since Motorola’s deal in 1997. The structure signals strong demand for long-duration assets tied to dominant technology platforms, even as AI returns remain uncertain.
Investor Concerns Linger
Despite strong demand, Alphabet’s expanding debt load has sparked debate. Some investors question whether AI investments will deliver productivity gains quickly enough to justify rising leverage. While cloud and AI services continue to grow, businesses adopting the technology have reported mixed efficiency benefits so far.
These concerns have not derailed investor interest yet, but they remain part of the broader narrative around Big Tech valuations and capital discipline.
Stock Performance Remains Strong
Alphabet’s long-term stock performance continues to outpace the broader market. The shares have gained over 74% in the past year and more than 240% over three years, far exceeding S&P 500 returns. Year to date, GOOG remains modestly higher, reflecting both optimism around AI leadership and caution around spending levels.
As Alphabet taps global debt markets, investors now watch how effectively the company converts heavy AI investment into durable revenue growth. The bond sales underline confidence in long-term demand, while also signaling a new phase in how Big Tech funds its ambitions.
