Alphabet Raises $80 Billion to Fund AI Infrastructure

Alphabet announced a package of equity offerings to raise $80 billion to finance AI and compute expansion, according to a securities filing and reporting by Bloomberg and CNBC.

The program comprises a $40 billion at-the-market (ATM) offering expected to begin in the third quarter, and $30 billion in underwritten public offerings and mandatory convertible preferred stock; the remaining $10 billion is a private placement anchored by Berkshire Hathaway, per Bloomberg and CNBC. Several outlets characterized the package as the largest equity offering tied to AI infrastructure to date.

Per the securities filing and reporting, Berkshire is purchasing $5 billion of Class A common stock at $351.81 per share and $5 billion of Class C stock at $348.20 per share. Reporting noted that Berkshire first established an Alphabet position in 2025 and is now expanding it.

On its first-quarter 2026 earnings call, Alphabet raised 2026 capital-expenditure guidance to between $180 billion and $190 billion, up from a prior range, with CEO Sundar Pichai citing near-term compute constraints, per CNBC. That outlook is far above the roughly $91 billion the company spent in 2025.

Large equity raises for AI capital spending can ease near-term funding pressure but raise questions about dilution and capital allocation. Generic-industry experience shows that financing structure, the mix of debt and equity, and the pace of returns on AI infrastructure are central to how investors judge such buildouts.