Alphabet prepares debut yen bond offering to fund artificial intelligence

Alphabet is planning its first-ever yen-denominated bond issue to finance significant investments in artificial intelligence (AI) infrastructure.
The amount involved is estimated to be in the hundreds of billions of yen, with final terms expected by the end of the month.
Mizuho, Bank of America, and Morgan Stanley have been appointed to lead the bond offering.
This move reflects a shift in financing strategies for major US tech companies, which are increasingly turning to debt due to the rapid expansion of AI.
Global AI investments by Big Tech are projected to exceed $700bn this year.
Alphabet has raised its annual capital expenditure guidance to a range of $180bn – $190bn for 2026, with further increases expected in 2027.
Alphabet recently raised nearly $17bn through bond issues in euros and Canadian dollars.
Amazon is reportedly preparing a Swiss franc bond offering to fund its own AI-related investments.