Reviewed by Gotrade Internal Analyst
Gotrade News - Google is planning to sell 100-year bonds in British pounds as part of a massive debt sale. It is a rare move not seen from a tech firm since the late 90s dot-com era.
This century-long debt issuance comes as the company faces massive capital needs. They are raising cash to win the expensive race for artificial intelligence infrastructure dominance.
Key Takeaways:
Alphabet becomes the first tech firm since 1997 to issue a 100-year bond.
Demand for the company's US dollar bonds hit $140 billion from global investors.
The funds will support a projected $185 billion in AI capital expenditure this year.
The move coincides with a US dollar bond sale that saw insane demand. The Australian Financial Review reports orders topping $140 billion from eager institutional investors.
This marks the first time a tech major has sold such long-dated debt since Motorola in 1997. The 100-year market is usually the playground of governments and universities, not corporates.
But the urgent need to build AI capabilities is bringing these ultra-rare deals back to life. Bloomberg reports Alphabet's capital expenditure could hit $185 billion this year alone.
This borrowing spree isn't unique to Google, with peers like Microsoft also spending big. Morgan Stanley expects hyperscalers to borrow a combined $400 billion this year.
That figure is a massive jump from the $165 billion borrowed in 2025. The scale of investment suggests the AI infrastructure build-out is nowhere near finished.
These 100-year notes target a very specific crowd, primarily pension funds and insurers. These buyers need super long-duration assets to match their decades-long liabilities.
The deal taps into strong demand from UK pension funds in the Sterling market. While successful, issuing century bonds will likely remain a market anomaly rather than a new standard.
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Reference:
Bloomberg, Alphabet Plans Tech’s First 100-Year Bond Since Dot-Com Era. Accessed on February 10, 2026
The Australian Financial Review, Alphabet’s dollar bond sale draws over $140b of demand. Accessed on February 10, 2026
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