Alphabet Inc is returning to Europe’s debt market for the second time this year with a multi-tranche sale, as the Google parent raises funds to support record capital spending on artificial intelligence (AI) and cloud infrastructure.

The technology company is marketing six euro-denominated benchmark tranches, ranging from three to 39 years, according to a person familiar with the matter, who asked not to be identified. The total sale is expected to be at least 3 billion euros ($3.5 billion).

The three-year is being sold around 60 basis points over mid-swaps while the longest tranche is being marketed at approximately 190 basis points.

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This marks Alphabet’s second visit to the euro market in 2025, following its multi-tranche 6.75 billion euros debut earlier this year, which drew heavy demand as the US technology giant diversified its funding sources beyond dollars.

Technology companies have been on a funding spree as they increase spending on artificial intelligence. Meta Platforms Inc sold $30 billion of corporate bonds last week, the biggest offering of the year in the US dollar market.

The bond sale comes after Alphabet reported a surge in demand for its cloud and artificial intelligence services last quarter, with third-quarter sales rising to $87.5 billion.

The company is investing record amounts to push progress in AI, with capital expenditures for the year expected to be $91 billion to $93 billion, and revenue from products built on Google’s generative AI models growing more than 200 percent from a year earlier.

The proceeds will be used for general corporate purposes, the people said. Alphabet is rated Aa2/AA+.

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Goldman Sachs, HSBC and JPMorgan are joint global coordinators and joint bookrunners, while BNP Paribas, Crédit Agricole CIB and Deutsche Bank are also joint bookrunners. Pricing is expected later today.