Alphabet, Google’s parent company, plans a bond offering of up to $25 billion, its third major debt raise in 2026. In total, the company will have raised nearly $70 billion in less than a year, after issuing $32 billion in February and $10.5 billion in May. This financing push aims to support capital expenditure between $185 billion and $190 billion for 2026, nearly double the amount spent in 2025. Credit spreads for major AI investors, including Alphabet, Amazon, and Meta, have widened as investors demand higher yields to compensate for the perceived risk of these massive expenditures. This strategy marks a structural shift in Alphabet’s operations, as the company now systematically relies on external financing.
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