The proposed deal includes three- and five-year notes offered at either fixed or floating rates, while the 10- and 20-year tranches will be strictly fixed-rate instruments. While the company has not disclosed a specific fundraising target, the move follows a $25 billion dollar-denominated bond sale earlier this August. Global technology firms are facing mounting pressure on cash flows due to the massive capital requirements of AI development, a trend underscored by Alphabet’s recent report of negative free cash flow in the second quarter.

Foreign issuers are flocking to the Australian market to diversify their funding sources. So far this year, "Kangaroo" bond sales have hit a record A$60 billion, a 40% increase over previous periods. ANZ, Deutsche Bank, RBC Capital Markets, and TD Securities have been appointed as joint lead managers to navigate this debut transaction for the Silicon Valley firm.