Alphabet is returning to the bond market for the third time in nine months, seeking to raise up to $25 billion. If successful, the move would bring the total fresh capital raised in less than a year to approximately $170 billion. The fundraising follows the company's decision to increase its 2026 capital expenditure forecast to between $195 billion and $205 billion, largely for AI infrastructure. The company recently reported its first-ever quarterly negative free cash flow, but its stock rebounded as investors appeared to support the aggressive investment strategy over concerns about cash burn.