Alphabet upsizes equity raise to $84.75 billion to fund AI infrastructure spending
Alphabet priced underwritten offerings of Class A and Class C stock and mandatory convertible preferred depositary shares, upsized from $80 billion to a total equity raise of $84.75 billion that also includes a $40 billion at-the-market program and a $10 billion private placement to Berkshire Hathaway. The company says the proceeds fund general corporate purposes, including capital expenditures to scale AI infrastructure, and the new share issuance will dilute existing shareholders.
Key points
- Class A and Class C common stock offering upsized to $18 billion from $15 billion, priced at $355.1982 and $351.8018 per share, expected to close June 4, 2026.
- Depositary share offerings upsized to $16.75 billion from $15 billion, expected to close June 5, 2026; estimated net proceeds of about $16.6 billion.
- Berkshire Hathaway agreed to buy $10 billion of stock in a private placement; the at-the-market program of up to $40 billion is not expected to start until the third quarter of 2026.
- Alphabet expects about $30 billion of at-the-market proceeds to cover 2026 employee equity tax obligations, and 2026 capital expenditures are expected to be $180-$190 billion.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 04, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.