Alphabet upsizes equity raise to $84.75 billion to fund AI data centers

Alphabet raised $84.75 billion in an equity offering, the largest in U.S. corporate history, to help fund the data centers underpinning its AI services. The package includes a $10 billion private placement by Berkshire Hathaway and a $40 billion at-the-market program that Alphabet said is aimed mostly at covering taxes tied to employee equity awards rather than capital spending. The company has said it is “compute constrained in the near term” and lifted its 2026 capital spending guidance to between $180 billion and $190 billion, with a further increase signaled for 2027. The move contrasts with peers such as Nvidia, Meta, Oracle and Amazon that have leaned on bond sales to finance AI-related investment while preserving cash.