Alphabet upsized its equity raise to $84.75 billion, including a $40 billion at-the-market stock program

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Alphabet's 8-K of Jun 4, 2026, the report a US-listed company files to disclose a material event, furnished press releases, the later of which put the total equity raise at $84.75 billion. The company had announced a total of $80 billion on Jun 1, 2026. That total includes the potential proceeds of a $40 billion at-the-market program, under which Alphabet could sell shares gradually through brokers at its own discretion, and a $10 billion private placement, a sale to a single investor. Alphabet was not obligated to sell any shares under the program. The rest was public offerings: a Class A and Class C stock offering upsized to $18 billion from $15 billion, and offerings of depositary shares representing mandatory convertible preferred stock, preferred shares that convert into common stock automatically, upsized to $16.75 billion from $15 billion.1^,2^,3^,4^,5^,6^,7^,8

Alphabet said it intended to use the net proceeds of the underwritten offerings and the private placement for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute. The at-the-market program was meant mainly to support an administrative change in how Alphabet meets tax obligations tied to employee equity awards, and the company said it expected about $30 billion of its proceeds to go to those obligations in calendar year 2026. The Jun 1 release said that on its first-quarter 2026 earnings call Alphabet had expected capital expenditures of $180-$190 billion in 2026 and a significant increase in 2027. It pointed to business momentum: Google Cloud revenue grew 63% in the first quarter of 2026, with a backlog of more than $460 billion, and more than 8.5 million developers built with its models each month. It added that its first-party model APIs were processing 19 billion tokens per minute, a sixfold increase on the year, and that Google had reached 350 million paid subscriptions, with its strongest quarter ever for consumer AI plans.9^,10^,11^,4^,12^,13^,14^,15

On Jun 1, 2026, Alphabet agreed to sell an affiliate of Berkshire Hathaway 14,212,035 Class A shares at about $351.81 and 14,359,656 Class C shares at about $348.20, for gross proceeds of $10 billion. The release said the investment added to the position Berkshire had built since Q3 2025. On Jun 2, 2026, Alphabet priced underwritten offerings of 25,459,689 Class A shares at $355.1982 and 25,459,689 Class C shares at $351.8018. On Jun 3, 2026, the underwriters exercised in full their options to buy 3,818,953 more shares of each class.16^,17^,18^,19^,20^,21

The 8-K said the depositary share offering was expected to close on Jun 5, and a second 8-K filed on Jun 5, 2026 covered it. Alphabet said at the time that sales under the at-the-market program were not expected to begin until the third quarter of 2026, subject to market conditions.22^,23^,24