Google prepares $5b Kangaroo bond as AI arms race comes to Australia - AFR

Markets Debt Markets Bonds Print article Cecile Lefort Markets reporter Updated Aug 17, 2026 – 6.24pm , first published at 6.00pm Alphabet is raising up to $5 billion from the Australian bond market in what could be the country’s biggest corporate debt transaction, with the Silicon Valley giant behind Google and Gemini scrambling for cash to finance an artificial intelligence arms race against other big technology companies. The so-called Kangaroo bond will mark the first time Alphabet has raised debt in Australia, and is part of a year-long move to bolster its war chest for AI spending. Earlier this month, it raised $US25 billion ($35 billion) from the US, and before that had sold bonds in the Canadian, Japanese and Swiss markets. In March, Alphabet issued a 100-year, £1 billion ($1.9 billion) bond in the UK. Loading... Save Log in or Subscribe to save article Share Copy link Copied Email LinkedIn Twitter Facebook Copy link Copied Share via... Gift this article Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? Login License article Read More Bonds Australian economy Investing Sharemarket Google AI Managed funds Fixed income Fetching latest articles