GOOGL funding all of its capex with debt

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  • Alphabet raised $25 billion in a 10-part bond deal.
  • Investors put in roughly $115 billion of orders.
  • Demand ran more than four times the planned size.
  • Company lifted 2026 CapEx guide to $195-205 billion.
  • Free cash flow already turned negative from the spending.
  • Previous raises this year already pushed total debt issuance over $100 billion.

Alphabet raises $25 billion from sought-after bond sale
https://www.bloomberg.com/news/articles/2026-08-06/alphabet-returns-to-bond-market-amid-ai-spending-worries

Amazon’s recent $25 billion deal saw weaker demand than earlier ones.
SpaceX and Nvidia also sold big AI-linked bonds that later softened.

 

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