Alphabet Upsizes Equity Raise to $84.75 Billion to Fund Record AI Infrastructure Expansion
Google parent Alphabet announced on June 2 that it has upsized its equity capital raise to $84.75 billion—the largest by the company—to fund its massive AI infrastructure buildout. The offering includes Berkshire Hathaway's $10 billion investment and reflects Alphabet's unprecedented demand for compute capacity to power its AI services and data centers.
Record Capital Raise Signals AI Infrastructure Race
Alphabet announced the pricing of its equity offerings on June 2, 2026, with the gross proceeds and potential proceeds from its at-the-market program and private placement representing a total equity raise of $84.75 billion. The equity capital raise was upsized from the previously announced total equity raise of $80 billion.
Components of the Historic Offering
The financing includes $30 billion in underwritten public offerings split between mandatory convertible preferred stock and common stock, $40 billion through an at-the-market stock offering program expected to begin in Q3, and $10 billion from Berkshire Hathaway via a private deal. Alphabet priced concurrent underwritten public offerings of 25,459,689 shares of Class A Common Stock at $355.1982 per share, 25,459,689 shares of Class C Capital Stock at $351.8018 per share, and 335 million depositary shares representing interests in mandatory convertible preferred stock at $50 per share.
AI Infrastructure Imperative
Alphabet, one of the world's biggest companies historically known for high cash flow, is seeking more cash to keep up in the AI race and said the proceeds will support capital expenditures to scale AI infrastructure and global compute amid unprecedented customer demand. During its Q1 2026 earnings call, Alphabet announced that its 2026 capital expenditures are expected to be $180-$190 billion, and that it expects 2027 capital expenditures to significantly increase compared to 2026.
Market Impact and Broader Trend
This comes after Alphabet has already sought out additional funds by issuing corporate debt. The massive raise underscores how intensely competitive the AI infrastructure race has become, with technology giants racing to build out massive data center capacity to support training and inference for large language models and other AI systems. The investment by Berkshire Hathaway adds to the position it has built since Q3 2025.