Alphabet has completed the largest equity offering in history, raising $85 billion across two tranches after overwhelming investor demand pushed its initial $40 billion raise to $45 billion. CEO Sundar Pichai announced the result, noting that Berkshire Hathaway alone acquired $10 billion worth of shares. The figure surpasses the previous record set by Brazilian oil producer Petrobras, which raised $70 billion in 2010.
Pichai described the sale as part of a multi-year strategy to meet AI demand from enterprises and consumers. Alphabet has indicated it expects to spend between $180 billion and $190 billion on capital expenditure this year, predominantly on AI infrastructure and data centres. The company reported $110 billion in revenue in the first quarter alone, up 22 percent year-on-year.
The raise arrives at a pivotal moment for the broader AI industry. Anthropic has filed confidentially for an IPO, and OpenAI is expected to follow. Analysts believe Anthropic’s offering could surpass even the anticipated SpaceX IPO in valuation terms. Alphabet’s success signals that deep-pocketed institutional investors retain strong appetite for AI-related equity — a crucial indicator for companies preparing to test public markets.
The wider context, however, adds pressure. Nearly $8 trillion in AI spending has been committed globally over the next five years, requiring sustained public market confidence to absorb. Alongside the stock sale, Google also announced new AI products including Dreambeans, a personal intelligence app that synthesises a user’s Gmail, Calendar, Photos, and Search data overnight to deliver daily curated lifestyle suggestions, and a UK-mandated opt-out tool allowing publishers to exclude their content from Google’s AI search features including AI Overviews and AI Mode.
