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Big Tech ramps up bond issuance for AI build-out
Alphabet alone could add as much as $25 billion more from a new multi-maturity bond sale, following roughly $194 billion in debt issued by major AI-linked Big Tech names this year.
Big Tech issuers tied to the AI build-out have leaned heavily on borrowing, with Alphabet, Amazon, Meta, and Oracle putting out about $194 billion of bonds this year, nearly twice their combined total for all of 2025, according to Yahoo Finance.
Alphabet’s latest deal may add as much as $25 billion more, with orders of about $115 billion received on Thursday, more than four times the potential deal size. The offering is a 10-part issuance spanning from two-year notes to bonds maturing in 2066.
The shift underscores how AI spending is pressuring cash generation. Alphabet generated nearly $40 billion in cash during the second quarter, but spent almost $45 billion on data centers, servers, and other long-term equipment, pushing free cash flow below zero for the first time and weighing on its stock.
Yahoo Finance also notes that Alphabet has been spreading the AI bill across financing channels. In the first six months of 2026 it issued $51.8 billion in bonds and raised $49.6 billion by selling stock, while a remaining $40 billion stock-sale program was still available at the end of June, compared with $28.3 billion in buybacks in the first six months of 2025 and none in the same period this year.