Alphabet (GOOGL) is further leaning into its pro-AI movement, seen by its recently announced seven-part bond sale. The Google developer is launching a sweeping seven-part debt sale to bankroll its aggressive expansion into artificial intelligence for the first time this year. Alphabet is aiming fund a record-breaking $185 billion AI spending spree.

To attract investors, the company is offering a premium of roughly 1.2 percentage points over Treasury bonds for its longest notes. This cash infusion is vital because Alphabet expects to spend roughly 40% of its massive budget on physical data center construction and networking, while the remaining 60% will go toward high-end servers and AI chips.

In addition to the US dollar bond offering, the company has mandated banks for potential Swiss franc and sterling debt offerings, including a rare 100-year note, according to sources with knowledge of the sale.

Alphabet (GOOGL) has pushed heavily on the AI button in the past year, ramping up developmental efforts and capital spending. However, there has been some blowback, with the stock seeing some dips as investors worried of an AI bubble. Still Alphabet hasn’t backed down, and the latest bond sale proves that AI isn’t leaving the company’s plans anytime soon.

Despite the recent drop in Alphabet’s stock, analysts remain positive on GOOGL, citing strong potential for AI and cloud revenue growth, with price targets between $370 to $400. Wedbush and Guggenheim suggest potential upside with price targets of $350 and $375, respectively. Rosenblatt and DA Davidson are more conservative with Neutral ratings and targets at $279 and $300, lower than its current $326 price.