Alphabet Just Borrowed $25 Billion, and $2.5 Billion of It Isn't Due Until 2066

Alphabet closed a $25 billion debt offering with maturities ranging from 2028 to 2066, including a $2.5 billion tranche due in 40 years at 6.5% interest. The borrowing reflects massive capital expenditure increases—$80.6 billion in H1 2026 versus $39.6 billion in H1 2025—driven primarily by AI infrastructure investments. Long-term debt surged from $46.5 billion at year-start to $123 billion post-sale, though this remains manageable given Alphabet's $446 billion annual revenue and strong cash generation.