Bond investors bet on another 100 years for Google

Alphabet is offering a rare 100-year bond as part of a borrowing push to finance its massive AI spending, a move that suggests investors are betting on the company's long-term prospects. The firm has sold tens of billions of bonds recently across a range of currencies.

It has already raised $20 billion from US investors this week in a heavily oversubscribed offering, and is seeking at least $7.5 billion denominated in UK sterling and $3.6 billion in Swiss francs. The century bonds and shorter maturities drew strong demand: a £1 billion slice attracted £9.5 billion of bids, and the dollar bond offering in the US drew record demand.

Alphabet is expected to spend at least $175 billion on its AI buildout in 2026, second only to Amazon's $200 billion among mega-cap hyperscalers. Equity investors have largely encouraged the Google parent's capex plans, and the stock is up 68% in the last year; bond investors now appear to be casting their own vote of confidence.

United States

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