The Google parent had spoken with banks and investors about a debt sale as early as this month, the people said, asking not to be identified discussing private matters. The company is looking to raise the equivalent of US$1 billion to US$1.5 billion in Hong Kong dollars and around US$1.5 billion in Singapore dollars, the people said. Proceeds would be used for general corporate purposes, they added.

Discussions are ongoing and details could still change, the people said. 

The potential sale comes as investors worry about increased scrutiny of AI-related projects after Democratic gains in the US midterm elections. Credit spreads for some technology issuers have widened, hastening a repricing already underway in the global debt market, where a borrowing binge fueled by the AI boom has pushed up yields. 

Alphabet said it doesn’t comment on market speculation, in response to a request for comment.

If successful, Alphabet’s bond offering would add to a busy year of debt issuance by the company. It has already tapped multiple markets, despite the growing investor concerns over the enormous capital commitments being made by technology companies to AI infrastructure. 

Alphabet is among a group of hyperscalers, including Microsoft Corp, Amazon.com Inc and Meta Platforms Inc, that have borrowed at a record pace while simultaneously committing tens of billions of dollars to build out AI capabilities. 

Just last week, Alphabet raised €6 billion (US$6.7 billion) through a multi-tranche euro bond sale, its second offering in the currency this year. The company paid materially higher borrowing costs than in its inaugural euro deal in May as concerns over the pace of AI spending rose. 

The company has diversified its funding sources this year with transactions in other international markets, including an inaugural Australian dollar bond sale in August. It has also sold bonds in Swiss francs, British pounds, Canadian dollars and Japanese yen in 2026.

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