Alphabet is planning its first-ever yen-denominated bond sale as major technology companies increasingly tap global debt markets to finance growing artificial intelligence infrastructure investments.
The offering is expected to total several hundred billion yen, according to reports, though the company has not officially disclosed the size. Alphabet has appointed Mizuho Financial Group, Bank of America, and Morgan Stanley to manage the transaction.
The move comes as Alphabet sharply increases spending on AI-related infrastructure, including data centers, chips, and cloud computing capacity. The company recently raised its annual capital expenditure forecast to between $180 billion and $190 billion and signaled further increases in 2027.
The bond sale reflects a broader shift across Silicon Valley, where even cash-rich technology firms are turning to debt financing to support the massive costs associated with AI expansion. Industry-wide AI infrastructure spending is projected to exceed $700 billion this year.
At the same time, Amazon is reportedly preparing its first Swiss franc-denominated bond issuance, further highlighting how global debt markets are becoming a key funding source for AI buildouts.
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