Google parent Alphabet is nearing the end of a global bond issuance of more than $30 billion, up from the $20 billion it has raised since Monday.
The tech giant on Tuesday targeted the European market to raise about $11 billion in sterling and Swiss francs.
Bloomberg previously reported the amount was close to $32 billion.
Investor demand for high-quality bonds from tech companies leading the way in artificial intelligence (AI) is growing, according to sources.
In its earnings report last week, Alphabet announced plans to spend up to $185 billion in capital expenditures this year, more than double its 2025 capex estimate.
Other hyperscalers such as Amazon, Meta and Microsoft are expected to collectively spend nearly $700 billion in 2026.
According to analysts, heavy investments in expensive chips, data centers and networking technology are expected to hurt tech companies' free cash flow this year.
Oracle opened the 2026 bond market with a $25 billion offering last week, while Meta is also preparing a large bond issue to fuel data center development in the United States.
Alphabet previously sold $25 billion in bonds in November, seeing its long-term debt quadruple by 2025 to $46.5 billion.
Google’s Chief Financial Officer Anat Ashkenazi stressed in an earnings call that the company is managing its investments responsibly and maintaining a strong financial position.
However, the pressure to invest heavily in AI infrastructure is clearly forcing Alphabet and other tech companies to increase debt levels.
This raises questions about whether the strategy is worthwhile or will weigh on their cash flow in the medium term.
Alphabet did not respond to a request for comment.
