$32 billion in bonds issued in one day! Google is racking its brains for AI, employing non-dollar bonds and even century bonds.

Alphabet raised nearly $32 billion in debt in less than 24 hours, demonstrating the huge demand for funds among tech giants to build artificial intelligence capabilities, as well as the credit market’s strong willingness to finance them. On Monday, Google’s parent company Alphabet completed a $20 billion bond issuance, followed by bond issuances denominated in pounds sterling and Swiss francs, both of which set corporate bond issuance records in their respective markets. The pound sterling issuance included an extremely rare 100-year bond—the first time since the dot-com era that a tech company has issued debt with such a long maturity. Market demand was robust, with record overall subscriptions for the pound bonds; the 100-year bond alone was nearly 10 times oversubscribed. This large-scale financing comes as Alphabet announced its capital expenditure for this year will reach $185 billion—double last year’s amount—to support its AI ambitions. This financing frenzy highlights the financial pressure on tech giants competing in AI. Morgan Stanley expects total borrowing by hyperscale cloud companies to soar from $165 billion in 2025 to $400 billion this year. Record-breaking multi-market financing strategy Alphabet’s pound sterling issuance reached £5.5 billion ($7.5 billion), well surpassing the previous corporate bond record for the pound market—National Grid Plc’s £3 billion in 2016. In the Swiss franc market, Alphabet’s issuance also broke Roche Holdings’ previous CHF 3 billion ($3.9 billion) record. A broad layout across different markets and maturities means it can attract various types of investors—from asset management firms and hedge funds to pensions and insurance companies that prefer long-term bonds. The pound bond issuance covered multiple maturities, with the shortest three-year bond priced 45 basis points above UK government bonds, while the 100-year bond had a spread of just 1.2 percentage points. According to Bloomberg data, Alphabet only entered the euro bond market last November, raising €6.5 billion ($7.7 billion). With this year’s issuance added, the company has become the largest borrower in the euro market for 2025. The rare return of the century bond Alphabet’s 100-year bond is the first such long-maturity debt issuance by a tech company since Motorola in 1997. The century bond market is typically dominated by governments and universities, as potential acquisitions, business model shifts, and technological obsolescence make such deals extremely rare for corporations. Nevertheless, this £1 billion century bond received nearly 10 times the amount in subscriptions. Demand from UK pensions and insurers makes the pound sterling market the top choice for issuers seeking long-term financing. Alex Ralph, co-portfolio manager of Nedgroup Investments Global Strategic Bond Fund, said: “I can’t justify holding such long-dated bonds for most companies—especially those in constantly changing environments. Century bonds tend to be issued at the top of the market cycle.” AI arms race drives borrowing boom This financing comes less than a week after Alphabet announced plans for capital expenditure this year to reach $185 billion. Software giant Oracle also recently raised $25 billion for its AI plans, attracting $129 billion in subscription demand. Other tech companies such as Meta and Microsoft have announced major spending plans for 2026. Morgan Stanley predicts hyperscale cloud companies’ total borrowing will reach $400 billion this year, up from $165 billion in 2025. Andrea Seminara, CEO of London hedge fund Redhedge Asset Management, noted: “Hyperscale cloud companies will continue large-scale bond issuance. They need to issue more bonds, so they’re testing all available pools of funding and investor appetite. Other hyperscale players will do the same.” The massive borrowing needs of tech giants have already begun to raise concerns over potential pressure on bond valuations. These securities are expensive by historical standards. Some investors are also worried about the sustainability of the AI frenzy and its disruptive impact on industries such as software-as-a-service. Alphabet and Oracle have both taken steps to ease investor concerns about heavy supply. Alphabet entered a series of typically niche markets to raise large amounts without overwhelming demand, while Oracle capped its transaction size to control the amount of debt entering the market. Bank of America, Goldman Sachs, and JPMorgan arranged the pound and Swiss franc issuances; Barclays, HSBC Holdings, and NatWest Group were involved in the sterling deal, while BNP Paribas and Deutsche Bank participated in the Swiss franc issuance. Risk Notice and Disclaimer Markets have risks; investment should be prudent. This article does not constitute personalized investment advice, nor does it take into account any individual user’s special investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article suit their circumstances. Investment is at your own risk.