Alphabet, Amazon Tap Overseas Debt Markets to Fund AI Infrastructure Push
By Reuters | 11 May, 2026

Big tech's needed to quickly finance hundreds of billions of dollars' worth of AI infrastructure buildouts has prompted Alphabet to offer its first yen-denominated bond sale and Amazon's new Swiss franc offering.

Big tech's borrowing spree to fund AI intensified on Monday as Alphabet disclosed plans for its first yen-denominated bond sale and Amazon prepared its debut Swiss franc offering.

The overseas bond sales underscore how surging spending on artificial intelligence is leading American technology companies to court investors beyond the U.S. in the high-stakes race.

Big Tech is expected to spend more than $700 billion on AI infrastructure this year, a sharp increase from $410 billion in 2025. That has led the companies to rely more on debt, after putting to use their large cash flows for years.

Both Google-parent Alphabet and Amazon did not disclose the size of the offerings.

Alphabet's issuance is expected to total several hundred billion yen, a source with direct knowledge of the deal said, adding that the terms are expected to be decided this month.

The person was not authorized to speak on the matter and declined to be identified. Alphabet did not respond to a Reuters request on the offering size.

Alphabet has mandated Mizuho, Bank of America and Morgan Stanley to work on the transaction.

"It's simply a function of when you have that much debt to raise and have very good credit like the hyperscalers are, you can do that not just domestically but globally," Art Hogan, chief market strategist at B. Riley Wealth, said.

Alphabet last week raised almost $17 billion through two bond sales - a 9 billion euro ($10.6 billion) issue and a C$8.5 billion ($6.2 billion) sale.

A spokesperson for Amazon said on Monday the proceeds from its new issuance will be used for corporate purposes, which may include business investments and future capital expenditure.

The e-commerce giant has mandated banks, including BNP Paribas, Deutsche Bank and JPMorgan Chase, for a debt offering in six parts, with maturity ranging from three to 25 years, a person familiar with the matter said, declining to be named as the matter was private.

BNP Paribas did not respond to a Reuters request for comment, while JPMorgan Chase declined to comment.

($1 = 1.3689 Canadian dollars)

($1 = 0.8508 euros)

(Reporting by Miho Uranaka in Tokyo and Anhata Rooprai in Bengaluru, additional reporting by Utkarsh Tushar Hathi in Bengaluru; Editing by Edwina Gibbs and Arun Koyyur)