Alphabet to Raise Over €3 Billion in Euro Bonds to Boost AI and Cloud Expansion

Alphabet Inc., the parent company of Google, is returning to Europe’s debt market with a multi-tranche bond sale worth at least €3 billion, according to people familiar with the deal. The proceeds will support the company’s massive investments in artificial intelligence and cloud computing as global competition for AI infrastructure intensifies.

The offering includes six euro-denominated tranches, with maturities ranging from three to 39 years. The shorter bonds are being marketed at about 60 basis points above mid-swap rates, while the longest tranche is expected to price around 190 basis points. Goldman Sachs, HSBC, and JPMorgan are serving as joint global coordinators alongside BNP Paribas, Crédit Agricole, and Deutsche Bank.

This is Alphabet’s second major euro bond issuance in 2025, following a €6.75 billion debut earlier this year that drew overwhelming investor interest. The move highlights a growing trend among U.S. tech giants to raise capital abroad to fund the AI boom. Last week, Meta Platforms sold $30 billion of bonds in what became the largest U.S. corporate offering of the year.

Alphabet’s renewed fundraising comes as its third-quarter revenue climbed to $87.5 billion, driven by soaring demand for AI and cloud services. The company expects total capital spending this year to reach between $91 billion and $93 billion — its highest ever — with revenue from generative AI products more than doubling compared to 2024.

Rated Aa2/AA+, Alphabet plans to use the bond proceeds for general corporate purposes. The sale reflects not only strong investor confidence but also the company’s accelerating financial commitment to maintaining leadership in artificial intelligence and cloud infrastructure.