The bond sales aim to support AI workloads and other capital-heavy projects amid higher interest rates, underpinning renewed corporate issuance driven by refinancing needs and M&A activity, according to Barclays' analysis.

Alphabet’s stock rose in premarket trading on the bond sale announcement as investors welcomed the deal, with a Strong Buy consensus based on 33 ratings.

Analysts have a positive view of Alphabet, with 26 buy ratings, seven holds, and no sells among 33 ratings in the past three months.

The planned debt package could be divided into multiple tranches, potentially stretching to decades, including ultra-long maturities into the mid-2060s.

The bond sale could be issued in up to seven parts, though the total size has not been disclosed in Alphabet’s regulatory filing.

Alphabet indicated it could spend as much as $185 billion on capital expenditures in 2026, signaling intensified AI and data center investment.

Initial details put Alphabet’s bond program at about $15 billion in U.S. high-grade bonds, with a flagship 40-year (2066) maturity priced around 1.2 percentage points over Treasuries.

The multi-tranche structure is designed to appeal to a range of investors and help secure favorable financing terms.

Premarket trading responded positively to the news, suggesting investors view the debt offering as strategic for Alphabet’s AI leadership.

Tech giants are issuing substantial debt this year to fund AI infrastructure, with giants like Amazon, Microsoft, Google, Meta, and Oracle expected to drive more than $650 billion in AI-related investment and analysts projecting over $1.5 trillion in tech debt issuance in the coming years.

Regulatory filings indicate up to seven segments, but the overall size remains undisclosed.

Commentary notes that risk tolerance among institutional funds is rising, with private capital helping to bridge valuation gaps in deals like Alphabet’s potential long-term financing.