Alphabet just pulled off the largest equity offering in its history, and possibly the largest ever by a tech company. The Google parent raised $84.75 billion to pour into AI infrastructure, marking its first time selling shares in more than 20 years.
Inside the deal
The offering was initially announced at around $80 billion but was upsized to $84.75 billion on June 3, driven by ravenous institutional demand.
The structure is a multi-layered capital raise. It includes $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 scheduled to begin in Q3.
Class A shares were priced at $355.20, while Class C shares came in at $351.80. Both prices represent a modest discount to where the stock was trading, and Alphabet’s stock dipped slightly following the announcement due to dilution concerns.
