Alphabet has completed the largest equity offering in its history, raising $84.75 billion to fund its artificial intelligence expansion. The Google parent company last sold shares over twenty years ago.
The deal was upsized from an initial $80 billion after seeing overwhelming demand from institutional investors. The capital raise is structured in three parts: $18 billion in Class A and Class C shares, a $10 billion private placement from Warren Buffett's Berkshire Hathaway, and a $40 billion at-the-market program starting in the third quarter.
Class A shares were priced at $355.20, and Class C shares at $351.80, representing a slight discount. Alphabet's stock dipped on dilution concerns.
The company revised its 2026 capital expenditure forecast upward by $5 billion to a range of $180 billion to $190 billion, driven by faster-than-expected growth of its Gemini AI models. Nearly 900 million monthly active users were reported by May 2026. Across the tech sector, AI-related capital expenditures are projected to surpass $700 billion for 2026.
Notably, the offering contains no reference to digital assets or blockchain technology. Berkshire Hathaway's participation is in traditional equity, not tokenized funds.