Alphabet’s debt sale keeps getting bigger.

The company is close to finalizing a global bond issuance in excess of $30 billion, according to two people familiar with the deal, an increase from the $20 billion it raised on Monday.

On Tuesday morning, Alphabet went to the European market to raise roughly $11 billion in sterling and Swiss francs, said the people, who asked not to be named because the details are private. Bloomberg reported earlier that Alphabet raised almost $32 billion.

Investors are showing heightened demand for high-quality paper from tech heavyweights that are leading the charge in artificial intelligence, one source said.

In its earnings report last week, Alphabet said it expects to shell out up to $185 billion in capital expenditures this year, more than double its 2025 capex. The group of hyperscalers, which also includes Amazon, Meta and Microsoft, are projected to collectively spend close to $700 billion in 2026. With tech companies pouring money into high-priced chips, large facilities and networking technology, analysts expect free cash flow to plummet this year.

Oracle was the first large tech company to test the debt market in 2026, with its $25 billion dollar offering last week. Meta is preparing a large debt offering in first part of this year, as it looks to accelerate its data center push across the U.S., the sources said.

Alphabet held a $25 billion bond sale in November. Its long-term debt quadrupled in 2025 to $46.5 billion. CFO Anat Ashkenazi said on last week’s earnings call that as the company considers its total investment, “we want to make sure we do it in a fiscally responsible way, and that we invest appropriately, but we do it in a way that maintains a very healthy financial position for the organization.”

— CNBC’s Jennifer Elias contributed to this report.

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