Google’s parent company, Alphabet Inc., revealed plans Monday to issue bonds denominated in Japanese yen for the first time as major technology corporations increasingly turn to borrowing to finance their artificial intelligence expansion efforts.
While Alphabet did not reveal the exact amount it plans to raise, an insider familiar with the transaction indicated the bond offering could reach several hundred billion yen, with final terms anticipated to be set within the month. The source requested anonymity as they were not permitted to discuss the matter publicly.
Alphabet has selected Mizuho, Bank of America, and Morgan Stanley to manage the bond transaction. When contacted for comment, Morgan Stanley did not respond immediately, while both Bank of America and Mizuho declined to provide statements.
This move reflects a broader trend among the world’s biggest tech companies, which are increasingly relying on debt financing rather than cash reserves to support their expensive AI ambitions – marking a departure from Silicon Valley’s traditional approach to funding major investments.
Industry analysts project that major technology firms will invest more than $700 billion in AI infrastructure during the current year, representing a substantial jump from the $410 billion spent in 2025.
Amazon is also exploring new debt markets, preparing its first-ever bond sale in Swiss francs, according to another person with knowledge of the situation who spoke on condition of anonymity. The e-commerce company has appointed BNP Paribas, Deutsche Bank, and JPMorgan Chase to handle a six-part debt offering with terms ranging from three to 25 years.
Representatives from Amazon, BNP Paribas, and JPMorgan Chase did not immediately respond when asked for comment about the Swiss franc bond plans.
Data from LSEG confirms this would mark Alphabet’s first bond issuance in Japanese currency. The company recently completed two major bond sales totaling nearly $17 billion – including a 9 billion euro offering worth $10.6 billion and a Canadian dollar sale of C$8.5 billion, valued at $6.2 billion.
In late April, Alphabet increased its annual capital expenditure projection by $5 billion, setting a new range of $180 billion to $190 billion, while indicating plans for another substantial increase in 2027.
