Alphabet Inc. has unveiled plans to raise up to $80 billion through a combination of public stock offerings, an at-the-market (ATM) share sale programme, and a private placement with Berkshire Hathaway, as the Google parent ramps up spending on artificial intelligence infrastructure amid surging demand.

The company said the fundraising forms part of its strategy to support what it described as an “expansionary moment” driven by AI adoption across enterprises and consumers.

The capital raise includes $30 billion in underwritten public offerings, comprising $15 billion in depositary shares representing mandatory convertible preferred stock and $15 billion in Class A and Class C common stock. Alphabet also plans to establish a $40 billion ATM programme, expected to begin in the third quarter of 2026, allowing it to sell shares over time depending on market conditions.

In addition, Berkshire Hathaway has agreed to purchase $10 billion worth of Alphabet stock in a private placement. The investment includes $5 billion in Class A shares priced at $351.81 each and $5 billion in Class C shares priced at $348.20 each. Alphabet said the transaction expands Berkshire’s position in the company, which it has been building since the third quarter of 2025.

“AI is driving an expansionary moment for Alphabet,” the company said in its announcement. “The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply.”

AI spending accelerates

Alphabet intends to use proceeds from the public offerings and Berkshire investment primarily for general corporate purposes, including capital expenditure to expand AI infrastructure and global computing capacity.

Alongside the fundraising announcement, the company increased its projected 2026 capital expenditure forecast to between $180 billion and $190 billion, up from its earlier estimate of $175 billion to $185 billion. Alphabet also indicated that spending in 2027 is expected to rise significantly from 2026 levels.

The ATM programme, however, will largely serve a different purpose. Alphabet said roughly $30 billion of the proceeds are expected to be used to meet tax obligations linked to employee stock awards as part of a shift toward a “sell-to-cover” model.

The company highlighted strong business momentum underpinning the investment cycle. Alphabet reported revenue of $110 billion in the first quarter of 2026, up 22% year-on-year. Google Cloud revenue rose 63%, while its backlog nearly doubled sequentially to more than $460 billion. The company also said it now has over 350 million paid subscriptions across its services and more than 8.5 million developers building applications using its AI models each month.