JAKARTA – Google parent company Alphabet and e-commerce giant Amazon have begun seeking global funding to finance the surge in artificial intelligence (AI) investment. The two United States technology companies are preparing to issue bonds outside their domestic markets amid intensifying competition to build AI infrastructure.
As reported by Reuters, Alphabet has revealed plans for its first yen-denominated bond issuance, while Amazon is preparing its first Swiss franc bond offering. The move reflects the growing funding needs of Big Tech companies to support the expansion of data centres and the development of generative AI.
Spending on AI infrastructure by global technology companies is expected to exceed USD700 billion this year, rising sharply from around USD410 billion in 2025. The surge in capital requirements has pushed technology firms to become increasingly aggressive in tapping global debt markets after relying for years on internal cash flow.
Alphabet is expected to issue bonds worth hundreds of billions of yen. Sources familiar with the transaction said pricing is expected to take place this month. However, Alphabet has not disclosed the official size of the issuance.
The company has appointed Mizuho, Bank of America, and Morgan Stanley as underwriters for the transaction.
“This is simply a function of a situation where, when you have a very large amount of debt to raise and an excellent credit rating like those held by hyperscaler companies, you can do it not only domestically but also globally,” said B. Riley Wealth Chief Market Strategist Art Hogan.
Last week, Alphabet had already raised nearly USD17 billion through two bond issuances, consisting of EUR9 billion, or around USD10.6 billion, in euro-denominated bonds and CAD8.5 billion, or around USD6.2 billion, in Canadian dollar bonds.
Meanwhile, Amazon said the proceeds from the new bond issuance would be used for corporate purposes, including future business investment and capital expenditure. According to sources familiar with the transaction, Amazon has appointed BNP Paribas, Deutsche Bank, and JPMorgan Chase to manage the bond issuance across six tranches with maturities ranging from three to 25 years.
This wave of global bond issuance highlights how the AI race is forcing major technology companies to tap new funding sources in order to maintain dominance in the industry. (DH/LM)
Originally written by: Lisa Monica, Ramdhani Pratama
Source: IDN Financials
Published on: 12 May 2026
Link to original article: Alphabet and Amazon lean on debt to fund the AI race
