Alphabet Sells $32 Billion in Bonds Including Century Note to Fund $185 Billion AI Buildout

Summary

Alphabet priced a $20 billion seven-part U.S. dollar bond offering on February 9, upsized from $15 billion after drawing over $100 billion in investor orders — among the largest order books ever for a corporate bond. The deal expanded into a multi-currency package totaling approximately $32 billion when including an additional $12 billion in sterling and Swiss franc-denominated bonds. The standout feature was a 100-year sterling note (maturing February 2126) with a 6.125% coupon — a rare century