Five ways to fund AI. Only two create interest expense
In 22 days, four companies raised $52.35bn for AI capacity using five different instruments. Where each one lands on the financial statements is not the same.
6 primary sourcesTicker · 5 articles
GOOGL
Every article on this page was built from the company's own filings. The documents they were read from are listed below, so you can check any figure yourself.
Last checked Aug 25, 2026All companies
Alphabet borrowed $25 billion. $10bn of it matures after 2045
Alphabet priced nine tranches out to a 6.500% bond due 2066. Its first-half interest expense was already up more than fivefold before any of this landed.
6 primary sourcesInterest costs rose 10%. The median company paid the same
A panel of 1,519 listed non-financial companies. Interest expense rose 10.1% in the first half of 2026 — and twenty companies produced three quarters of the rise.
6 primary sourcesUS capex overtook buybacks in 2025. Five companies did it.
Across 361 listed non-financial companies, capital spending passed share repurchases for the first time since 2021. Remove five names and the shift disappears.
6 primary sourcesAmazon's FY2025 free cash flow: $7.7B, $6.1B, or −$11.8B
Three standard definitions, one 10-K, three answers — and one of them is negative. The same test applied to Alphabet, Microsoft and Meta, computed from the filings.
7 primary sourcesFigures we worked out for GOOGL
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| Alphabet borrowed $25 billion. $10bn of it matures after 2045 | ||
| Fixed-rate principal | $23,750m | 1250 + 2000 + 3500 + 2500 + 4500 + 3000 + 4500 + 2500 |
| Total offering including floating-rate notes | $25,000m | 23750 + 750 + 500 |
| Annual fixed coupon interest | $1,332m | 1250*0.045 + 2000*0.04625 + 3500*0.04875 + 2500*0.052 + 4500*0.0545 + 3000*0.0625 + 4500*0.06375 + 2500*0.065 |
| Weighted average fixed coupon | +5.6% | (1250*0.045 + 2000*0.04625 + 3500*0.04875 + 2500*0.052 + 4500*0.0545 + 3000*0.0625 + 4500*0.06375 + 2500*0.065) / 23750 |
| Principal maturing after 2045 | $10,000m | 3000 + 4500 + 2500 |
| Share of the offering maturing after 2045 | +40.0% | (3000 + 4500 + 2500) / 25000 |
| Half a year of new fixed coupon | $666m | 1331.5 / 2 |
| Implied first-half interest expense | $2,477m | 1811 + 1331.5 / 2 |
| Increase on the reported first half | +36.8% | (1811 + 1331.5 / 2) / 1811 - 1 |
| Alphabet's own interest expense, four quarters | 37.59× | 1278 / 34 |
| Spread widening from the 2028 tranche to the 2066 tranche | 97 bp | 130 - 33 |
| Interest costs rose 10%. The median company paid the same | ||
| Alphabet, first half to first half | +513.9% | 1811 / 295 - 1 |
| Alphabet's second quarter against the whole prior-year half | 4.33× | 1278 / 295 |
| US capex overtook buybacks in 2025. Five companies did it. | ||
| Alphabet share of the capex increase | +18.5% | (91447 - 24640) / 361358 |
14 figures from 3 articles. Totals and industry averages that belong to no single company are not listed here.
Primary sources used
- Alphabet Inc — prospectus supplement, 6 August 2026 (424B5)Nine tranches, $25.0bn total, 4.500% 2028 through 6.500% 2066
- Intel Corporation — prospectus supplement, 12 August 2026 (424B5)210,526,315 shares at $95.00 · gross $20.0bn · proceeds before expenses $19.67bn
- CoreWeave, Inc — Form 8-K, 10 August 2026 (Items 1.01 and 2.03)$2.6bn delayed draw term loan · Term SOFR + 5.50% · matures 1 September 2031
- Core Scientific, Inc — Form 8-K, 28 July 2026 (Items 3.02 and 7.01)Warrant to AMD for 30m shares at $23.47 · 529 MW leased · 12,222 shares vest per MW
- Equinix, Inc — Form 8-K, 29 July 2026 (Items 1.01 and 2.03)$5.5bn revolving facility — excluded here as capacity rather than drawn borrowing
- SOFR — Federal Reserve Bank of New York via FRED3.65% on 21 August 2026 · the floating base under CoreWeave's facility
- Alphabet Inc. — Free writing prospectus (pricing term sheet), August 6 2026Every tranche, coupon, yield, spread, offering price and underwriting discount quoted here
- Alphabet Inc. — Form 8-K, filed August 10 2026Items 8.01 and 9.01 · the closing of the offering
- Alphabet Inc. — SEC EDGAR filing history (CIK 0001652044)The 424B5 and 424B2 prospectus supplements filed 6 and 7 August 2026
- Advanced Micro Devices — Form 8-K, filed August 17 2026The AMD coupons used in the comparison, including 5.500% due 2036
- SEC company concept API — Alphabet, InterestExpenseNonoperatingQuarterly interest expense of $34M, $261M, $533M and $1,278M across the four quarters to June 2026
- Federal Reserve Bank of St. Louis (FRED) — Federal Funds Effective Rate, series DFFThe 3.64% policy rate referenced for context
- SEC XBRL frames API — InterestExpenseNonoperating, CY2026Q2The tag most of this panel uses · 1,283 of 1,519 companies
- SEC XBRL frames API — InterestExpense, CY2026Q2The older tag · 628 companies · one of eight frame calls behind the panel
- SEC company concept API — Amazon.com, Inc., InterestExpenseNonoperatingSpot-checked against the 10-Q values: $541M, $516M, $800M, $1,314M
- SEC company concept API — The Kraft Heinz Company, InterestExpenseThe negative second quarter discussed in the limitations is in the 10-Q, not an API artefact
- SEC XBRL frames API — PaymentsForRepurchaseOfCommonStock, CY2025The buyback side of the panel; one of fifteen frame calls
- SEC XBRL frames API — PaymentsToAcquirePropertyPlantAndEquipment, CY2025The standard capital expenditure tag
- SEC XBRL frames API — PaymentsToAcquireProductiveAssets, CY2025The alternate capex tag; omitting it drops part of the panel
- Alphabet Inc. — FY2025 Form 10-KSpot-checked: capex $91,447M in FY2025 against $24,640M in FY2021
- Oracle Corporation — SEC EDGAR filing historySpot-checked: capex $55,663M for the year ended 31 May 2026
- Daily closing prices, ORCL, June–August 2026 (market data, not a filing)The 11 June close-to-close move quoted in the summary · prices may be delayed and are not from a filing
- Amazon.com, Inc. — FY2025 Form 10-KConsolidated Statements of Cash Flows · accession 0001018724-26-000004
- Amazon.com, Inc. — Form 10-Q, quarter ended June 30 2026Trailing-twelve-month cash flow presentation
- Microsoft Corporation — FY2026 Form 10-KFiscal year ended June 30 2026
- Meta Platforms, Inc. — FY2025 Form 10-Kaccession 0001628280-26-003942
- SEC Division of Corporation Finance — Non-GAAP Financial Measures, C&DI 102.07Staff guidance on free cash flow · last updated December 13 2022
- Daily closing prices, AMZN, July–August 2026 (market data, not a filing)The close-to-close move quoted in the summary · prices may be delayed and are not from a filing
28documents, deduplicated. Links go to the original filing, not to a summary.