Alphabet Raises €6 Billion in Euro Debt While Doubling Down on Wyoming

Alphabet wrapped up a €6 billion senior euro bond sale on Thursday, a seven-tranche financing that drew orders well beyond the amount on offer. The unsecured deal includes one floating-rate slice worth €750 million maturing in 2028 and six fixed-rate tranches, the longest of which runs to 2045 with a €1 billion size. Terms had been filed on November 2, and Bloomberg reported demand for the purchase orders topping €17.1 billion.

The borrowing lands alongside a hefty infrastructure push. Google said Thursday it plans to invest $17 billion in its first data center in Wyoming, naming Tallgrass Energy, Black Hills Energy, American Electric Power and Related Digital as partners. The company pledged to cover all the electricity it consumes and to fund the infrastructure needs created directly by its growth. Reuters reported Friday that Google acquired the southeastern Wyoming site from Crusoe; financial terms were not disclosed.

Capital spending is heading sharply higher. On its quarterly results roughly two weeks ago, Alphabet said capex would climb significantly in 2027, having guided to between $195 billion and $205 billion for 2026.

A $88.3 Billion Securities Book

A separate 13F-HR filing submitted Thursday showed Alphabet holding 31 positions worth about $88.3 billion for the quarter ended September 30 — a snapshot of the portfolio at quarter-end, not of how the stakes have moved since. The company lifted its SpaceX stake to roughly 555 million shares from 551.2 million, according to Reuters, and disclosed a Qualcomm position of just under 3 million shares valued at $547.9 million.

Operating momentum remains brisk on paper. Revenue for the latest quarter came in at $127.6 billion, up 25% year on year, while Google Cloud sales jumped 103% to $30.7 billion.

Price Targets Head South

Analysts, though, have been trimming their marks. Wells Fargo's Ken Gawrelski cut his target to $365 from $371 on November 2, keeping an "Overweight" rating. Bernstein's Mark Shmulik had already lowered his to $325 from $385 on October 29, sticking with "Market Perform" — effectively a hold.

The stock fell sharply on that same day in the wake of the quarterly update. Press reports pointed to earnings below expectations, worries about slower-than-forecast search growth and heavier AI-related cash outflows weighing on sentiment.