(Bloomberg) — Alphabet Inc. is planning to issue yen bonds for the first time in a move that may help fund investments as artificial intelligence competition intensifies.
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The parent of Google is widening its funding sources as it has become a dominant player in nearly every aspect of AI. The tech giant raised its outlook for capital expenditure this year and is on the brink to overtake Nvidia Corp. as the biggest company in the world. It now plans to spend as much as $190 billion, up from a previous estimate of $185 billion, which was already double what it spent in 2025.
Last week, Alphabet sold its biggest-ever euro-denominated bonds and its debut Canadian dollar notes, raising almost $17 billion. This comes just months after the company issued sterling, and Swiss franc-denominated notes, its inaugural offerings in those currencies, alongside a US dollar debt sale.
Bloomberg Intelligence analysts said strong bondholder demand provides Alphabet access to abundant low-cost capital across currencies.
“As Alphabet spends more on AI infrastructure and compute capacity, its total debt load has rapidly ballooned to over $100 billion,” analysts Robert Schiffman and Alex Reid said in a note. “The ability to attract tens of billions of capital can enable the company to continue to increase capital-spending plans without impacting its massive financial flexibility.”
The benchmark SEC-registered deal would mark Alphabet’s first yen bond offering, according to data compiled by Bloomberg.
Alphabet hired BofA Securities Inc., Mizuho Securities Co. and Morgan Stanley for the potential fixed-rate senior unsecured bond deal, according to a person familiar with the matter. The deal is expected to follow in the near future, subject to market conditions.
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