THE GIST
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Alphabet is tapping the Japanese yen bond market for the first time, joining Amazon’s simultaneous debut in Swiss franc debt. Together, they signal that Big Tech’s AI arms race has outgrown dollar financing — and that the world’s bond markets are being tapped, currency by currency, to fund a buildout of historic proportions.
WHAT HAPPENED
Alphabet has figured out how to leverage debt to fuel its AI growth era. After its dollar and sterling bond sale turned out to be a blockbuster, the company is feeling confident enough to issue bonds denominated in yen.
Alphabet disclosed in a Monday filing plans to sell Japanese yen-denominated bonds for the first time, as technology giants tap debt markets to fund artificial intelligence infrastructure. The issuance is expected to total several hundred billion yen, with terms to be decided this month. Alphabet contracted Mizuho, Bank of America, and Morgan Stanley to work on the transaction.
Remember its first $20 billion bond sale in February? That alone drew what was described as the strongest-ever order book for a corporate bond offering. The following day, Alphabet went to Europe, selling £5.5 billion (about $7.5 billion) in sterling bonds and 3.1 billion Swiss francs, both setting records for the largest-ever corporate bond sales in their respective markets.
And last week, Alphabet sold its biggest-ever euro-denominated bonds and its debut Canadian dollar notes, raising almost $17 billion.
This isn’t a unique playbook anymore. Amazon is moving in lockstep, preparing to issue Swiss franc bonds for the first time, mandating BNP Paribas, Deutsche Bank, and JPMorgan for a six-part bond sale across maturities from three to 25 years.
WHY IT MATTERS
The scale of leveraged debt in tech debt is staggering. Amazon, Meta, Microsoft, and Alphabet are planning to invest as much as $725 billion this year in AI data center equipment and other capital expenditure.
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Combined hyperscaler debt issuance ran past $121 billion in 2025 and is on pace to top that figure by mid-2026. Alphabet now plans to spend as much as $190 billion on capital expenditure this year, up from a previous estimate of $185 billion — itself already double what it spent in 2025.
Morgan Stanley and JPMorgan estimate the sector may need to issue as much as $1.5 trillion in additional debt over the coming several years to fund the AI build-out at its planned pace.