Google parent Alphabet has expanded its planned equity offering to approximately $84.75 billion, up from the previously announced $80 billion, as the company seeks additional capital to fund its rapidly growing artificial intelligence initiatives. The increase reflects strong investor appetite for large-scale AI infrastructure investments and positions the transaction among the largest equity raises in corporate history.

The fundraising package consists of multiple components. Alphabet plans to raise about $18 billion through the sale of Class A and Class C common shares, alongside approximately $16.75 billion through depositary shares linked to mandatory convertible preferred securities. In addition, the company will proceed with a previously announced $40 billion at-the-market share sale program that will allow it to gradually sell shares into the open market beginning in the third quarter of 2026.

A key component of the transaction is a $10 billion private placement with Berkshire Hathaway, reinforcing investor confidence in Alphabet's long-term AI strategy. The expanded offering follows strong demand from institutional investors, including mutual funds and sovereign wealth funds, prompting the company to increase the size of the raise.

Alphabet has significantly increased its spending plans to support AI development, data centers, and computing infrastructure. Earlier this year, the company raised its 2026 capital expenditure forecast to between $180 billion and $190 billion, reflecting the escalating costs associated with building and deploying advanced AI models and cloud infrastructure.

The transaction underscores a broader shift across the technology industry, where leading companies are increasingly turning to equity and debt markets to finance AI expansion. Analysts expect combined spending by major technology firms on AI infrastructure to exceed $700 billion this year as competition intensifies among industry leaders.