Alphabet just announced the largest equity capital raise in corporate history. The Google parent is pulling in $80 billion through a combination of stock sales, convertible preferred shares, and a strategic investment from Berkshire Hathaway, all to feed an AI infrastructure appetite that makes prior tech spending cycles look quaint.
The centerpiece is a $40 billion at-the-market (ATM) stock-sale program covering Class A and Class C shares, set to begin in the third quarter of 2026. ATM programs let companies sell shares gradually into the open market rather than dumping them all at once, which is basically the difference between slowly filling a pool with a garden hose and opening a fire hydrant.
The full $80 billion breakdown
Beyond the ATM program, Alphabet is raising $30 billion through concurrent underwritten offerings. That splits evenly into $15 billion each of Class A and Class C stock, plus $15 billion in mandatory convertible preferred depositary shares. Goldman Sachs, J.P. Morgan, and Morgan Stanley are running the underwriting.
Then there’s the headline-grabbing piece: a $10 billion private placement to Berkshire Hathaway. Warren Buffett’s conglomerate is splitting its investment between $5 billion in Class A shares at $351.81 per share and $5 billion in Class C shares at $348.20 per share.
