Alphabet increases equity offering to $84.75 billion to fund AI infrastructure expansion

Alphabet raised the size of its equity offerings from $80 billion to $84.75 billion, comprising $18 billion through the sale of Class A and C shares and $16.75 billion from depositary shares. The company also maintains separate plans to raise $10 billion through a private placement with Berkshire Hathaway and $40 billion through an at-the-market offering program in the third quarter.

The offerings reflect a broader shift among major tech companies tapping debt and equity markets to expand AI infrastructure. Tech giants' combined spending is now set to exceed $700 billion this year, up from prior expectations of about $600 billion.

Alphabet had raised its annual capital spending forecast by $5 billion to between $180 billion and $190 billion in April. The stock offerings are set to finalize on June 4, with depositary shares closing a day later.