TOKYO ― Alphabet, the parent company of Google, is considering selling Japanese yen bonds, according to a bookrunner's message seen by Reuters.
A deal could consist of a senior unsecured bond and would be subject to market conditions, the message said. It did not mention a potential deal size.
The world's largest technology companies are increasingly tapping debt markets to fund costly artificial intelligence ambitions, marking a shift from Silicon Valley's traditional reliance on cash for investments.
Big Tech is now expected to spend more than $700 billion on AI infrastructure this year, a sharp increase from $410 billion in 2025.
Alphabet has mandated Mizuho, Bank of America and Morgan Stanley to work on the potential transaction, the message said.
A sale would mark Alphabet's first yen bond issue, according to LSEG data.
Alphabet and Morgan Stanley did not immediately respond to a request for comment from Reuters. Bank of America and Mizuho declined to comment.
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) issue, according to the company's filings.
Alphabet raised its annual capital spending forecast in late April by $5 billion to between $180 billion and $190 billion, and said it was planning another significant increase in 2027.
