Alphabet raised approximately $85 billion in early June 2026 through the largest equity offering in history. The oversubscribed capital raise includes a $45 billion public offering and a $40 billion at-the-market program. Berkshire Hathaway provided an additional $10 billion through a private placement.
Alphabet earmarked these funds for AI infrastructure. The company projects its total 2026 capital expenditures will reach $190 billion.
This move signals a broader strategic pivot among hyperscalers including Microsoft, Amazon, and Meta. These companies are significantly reducing stock buybacks to fund an AI infrastructure arms race. Combined capital expenditures for the sector are expected to reach hundreds of billions. This shift prioritizes capital-intensive AI dominance over returning cash to shareholders.