In a remarkable display of financial strategy, Alphabet Inc., the parent company of Google, has successfully raised close to $32 billion in capital markets within a 24-hour period. This effort was highlighted by the issuance of a rare 100-year bond, proceeds from which will bankroll its multi-billion dollar artificial intelligence initiative and coincide with pivotal regulatory approval for a major acquisition.
Unprecedented Debt Issuance for Tech Giant
On February 10 and 11, 2026, Alphabet accessed global debt markets with an extraordinary volume of offerings. The centerpiece was a British pound-denominated bond maturing in 2126, marking the first “Century Bond” from a technology company since Motorola’s issue in 1997. Investor appetite was overwhelming; the £1 billion (approximately $1.4 billion) tranche was oversubscribed by nearly ten times and priced 120 basis points above UK government bonds.
The total raise of roughly $32 billion came from several currencies, including $20 billion in the US market and further issuances in Swiss francs. Management has directed these funds toward a massive expansion of data center capacity and proprietary AI chips (TPUs). For the full year 2026, Alphabet has outlined capital expenditures between $175 and $185 billion, nearly double the prior year’s level.
European Regulators Clear Path for Wiz Acquisition
Running parallel to this capital raise, Alphabet received unconditional approval from the European Commission on Tuesday for its proposed $32 billion purchase of cybersecurity startup Wiz. EU competition authorities concluded the deal posed no threat to the cloud market, noting Google’s position remains behind rivals Amazon and Microsoft. Integrating Wiz is expected to bolster Alphabet’s cloud segment, which reported a 48% year-over-year surge to $17.7 billion in revenue for Q4 2025.
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Analyst Sentiment and Strategic Positioning
This dual announcement arrives at a critical juncture for the company. Earlier in February, shares faced pressure following the revelation of its plans to double investment spending, as markets expressed concern over escalating costs in the AI arms race. However, the exceptionally strong reception for its bond sale underscores robust confidence in the firm’s financial health, which generates over $73 billion in annual free cash flow.
Analysts at JPMorgan reaffirmed their “Overweight” rating and $395 price target, citing Alphabet’s leading role in AI development. The concurrent achievement of secured financing and regulatory clarity is seen granting the company significant strategic flexibility as competitors, including Microsoft, commit their own billions to artificial intelligence.
The central question for investors remains whether these monumental expenditures will ultimately translate into market share gains and profitability. Alphabet’s stock closed at around $319 on February 11, standing approximately $24 below the consensus analyst target.
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