What was announced
According to Bloomberg, Alphabet Inc. plans to issue very rare 100‑year bonds as part of a multi‑tranche offering. This would be the first sale of centennial corporate paper by a technology company since the late 1990s — the last similar example cited is Motorola in 1997. The announcement is accompanied by a dollar‑denominated offering and plans to issue also in Swiss francs.
Briefly about the figures
Alphabet not only returned to the debt markets after a large placement in November 2025 ($17.5 billion): the corporation also announced that its capital expenditures this year could reach $185 billion — twice last year’s level. The 100‑year bonds, sources say, will be denominated in pounds sterling; the deal could be concluded as soon as February 10.
Why the company is taking this step
The strategy is clear given the logic of capital investment in AI: long‑term financing allows locking in the cost of capital for decades ahead and avoiding cyclical market fluctuations while executing large, capital‑intensive projects. At the same time, a multi‑currency approach (GBP, USD, CHF) broadens the pool of potential investors and reduces risks associated with dependence on a single market.
"They want to attract every possible type of investor: from general investors to structured‑finance participants to those focused on ultra‑long‑term bonds."
— Gordon Kerr, European macro strategist, KBRA
Who will buy the 100‑year bonds
In practice, the main buyers of such paper are usually pension funds and insurance companies, which need instruments to match long‑term liabilities. The pound market has attracted issuers in recent years due to demand from British funds, but aside from sovereign issuers, similar issues in 2021 were made only by EDF, the University of Oxford and the Wellcome Trust.
Risks and technical details
The century‑long duration makes these bonds very sensitive to changes in interest rates: because of this, such paper often trades below par (for example, one of the Wellcome Trust issues at one point was valued at around 44.6 pence per pound). For the issuer, it is a way to lock in long‑term resources; for the investor, a hedge for long‑term liabilities, but with an obvious risk from interest‑rate volatility.
What this means for Ukraine
This move by Alphabet is part of a larger picture: global tech giants are laying the financial foundations for long‑term leadership in AI. For Ukraine this has several implications.
First, competition for talent and partnerships intensifies: large projects attract investment and attention, which creates both risks (brain drain) and opportunities for Ukrainian startups and research centers to collaborate as contractors or partners.
Second, the rise in capital investment in AI affects defense technologies: long‑term financing means that rivals and partners will shape technological ecosystems for decades. This underscores the need for Ukraine to accelerate investments in its own AI applications for defense and cybersecurity, and to build stronger ties with Western players.
Conclusion
Alphabet’s 100‑year bonds are not a gimmick, but a tool of long‑term strategic financing. For markets, they signal the readiness of technology leaders to invest in the future a century ahead; for Ukraine, they are a reminder that technological competition has financial backing, and that adapting the Ukrainian economy and defense infrastructure to these realities is a priority. Whether we can channel these global flows of capital toward our development and security is a question of practical decisions facing the government and business today.
