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Alphabet, the parent company of Google, is preparing for its first-ever Australian dollar bond issuance as the U.S. technology giant explores new funding sources amid rapidly rising artificial intelligence investment.
The company has appointed investment banks to arrange a potential “Kangaroo” bond deal, according to a book runner message reviewed by Reuters. The proposed Alphabet Australian dollar bond offering could include 3-, 5-, 10- and 20-year maturities.
The 3-year and 5-year bonds may be offered with either fixed or floating interest rates, while the 10-year and 20-year securities are expected to carry fixed rates. The potential size of the transaction and Alphabet’s intended use of the proceeds were not disclosed. Alphabet had not immediately commented on the plans.
ANZ, Deutsche Bank, RBC Capital Markets and TD Securities have been named joint lead managers for the proposed bond issuance.
The move comes as Alphabet and other global technology companies increase their reliance on capital markets to finance enormous AI infrastructure spending. Technology firms are expected to spend more than $730 billion this year, primarily on artificial intelligence, placing growing pressure on cash flows.
Alphabet reported its first-ever negative free cash flow in its second-quarter results in late July. The company also raised $25 billion through U.S. dollar-denominated bonds earlier in August, following an equity capital raise of nearly $85 billion in June.
Issuing debt in Australian dollars would allow Alphabet to further diversify its funding sources and reduce its dependence on the U.S. dollar bond market.
Demand for Australian dollar debt from international borrowers has surged. Foreign issuers have sold a record roughly A$60 billion ($42 billion) in Kangaroo bonds so far this year, according to LSEG data covering internationally placed transactions through late July. That represents an increase of approximately 40% compared with 2025.
Alphabet’s potential entry into the Australian bond market highlights a broader shift among cash-rich technology companies as record AI investment pushes them toward increasingly diversified financing strategies.
