Google (GOOGL.US) expands its global financing footprint again: after euro bonds, plans to issue yen bonds for the first time to boost the AI arms race

Bloomberg News has learned that as capital expenditures in the artificial intelligence (AI) sector continue to escalate like a “arms race,” Google (GOOGL.US) is rapidly and broadly weaving a vast financing network worldwide. According to reports, the tech giant is further expanding its global financing footprint, planning to issue yen bonds for the first time.

Sources familiar with the matter say Google has hired Bank of America Securities, Mizuho Securities, and Morgan Stanley to handle this potential issuance of fixed-rate senior unsecured bonds. The transaction is expected to proceed soon based on market conditions. As a reference benchmark registered with the SEC, this will be Google’s first foray into the Japanese bond market.

Looking toward the Japanese market is a continuation of Google’s recent intensive global financing strategy. Just last week, the company completed the largest-ever euro-denominated bond issuance and successfully issued Canadian dollar bonds for the first time, raising approximately $17 billion in total. This comes just a few months after it raised about $32 billion in February across the U.S. dollar, British pound, and Swiss franc markets, including a rare 100-year British pound bond, setting a record in the tech industry for years.

The yen bond plan indicates that within just a few months, Google will have achieved comprehensive coverage across six major currency markets: the U.S. dollar, British pound, Swiss franc, euro, Canadian dollar, and yen.

At the core of this series of borrowing activities is the company’s massive capital expenditure guidance. It is reported that the company has raised its 2026 capital expenditure forecast to as high as $190 billion, up from the previous estimate of $185 billion. This figure is already twice its 2025 capital spending, mainly allocated to AI-related data centers, custom chips, and other infrastructure construction. Against the backdrop of the AI computing power arms race driving a restructuring of capital structure, Google, with its S&P AA+ credit rating, is actively leveraging the window of low global interest rates to pre-fund refinancing and leave room for new phase capital expenditures.