Alphabet Targets Up to $25B Debt Offering Amid AI Funding Surge

Alphabet, Google's parent company, is reportedly planning to raise up to $25 billion in debt through its third major capital raise this year. The financing plans come after Alphabet posted its first negative free cash flow in its second-quarter report and raised its annual capital expenditure forecast for the second time this year.

The proposed offering would mark Alphabet's third major capital raise of 2026, with a total fundraising this year set to top $125 billion. The company is offering notes in as many as 10 parts, with maturities ranging from two to 40 years.

Shares of Google-parent Alphabet edged lower in morning trade after the report was released, coming off a drop of over 4% in the previous session. The move follows leadership changes across Google's AI business, including Demis Hassabis stepping back from day-to-day leadership of Google DeepMind and Chief Scientist Jeff Dean leaving to launch Discovery Loop.