California: Google parent Alphabet has significantly increased its planned equity fundraising efforts, raising the target size of its offering to approximately $84.75 billion as the company accelerates investments in artificial intelligence infrastructure. The move highlights the escalating costs associated with the global AI race and underscores Alphabet’s commitment to expanding its computing capabilities to meet rapidly growing demand.
According to regulatory filings cited by Reuters, Alphabet has revised its fundraising plans upward from the $80 billion offering announced earlier. The company now intends to raise $18 billion through the sale of Class A and Class C shares, while an additional $16.75 billion is expected to come from depositary share offerings. Earlier plans had envisaged raising $30 billion through concurrent public offerings supported by major investment banks.
The technology giant also disclosed that it has secured substantial additional capital from investors. In an investor note, Alphabet confirmed receiving $10 billion from Berkshire Hathaway and a further $40 billion through an at-the-market offering programme during the third quarter. These investments form part of the company’s broader strategy to finance the infrastructure required to support its expanding AI ecosystem.
The fundraising effort is expected to set a new global record in equity capital markets. Even before the latest increase, Alphabet’s proposed $80 billion offering was projected to become the largest equity fundraising transaction in history. The revised figure of $84.75 billion would surpass the long-standing record held by Brazilian energy company Petrobras, which raised roughly $70 billion in 2010.
Alphabet executives have linked the massive fundraising initiative directly to unprecedented demand for AI services. In a presentation to investors, Alphabet CEO Sundar Pichai stated that demand from both businesses and consumers is now substantially outpacing the company’s available capacity.
“We are experiencing strong demand for our AI solutions and services from enterprises and consumers, at levels that are meaningfully exceeding our available supply,” Pichai said.
The company currently operates a vast digital infrastructure network that includes more than 30 data centres, over 40 cloud regions, and approximately 10 million kilometres of terrestrial and subsea fibre connections worldwide. However, the explosive growth of AI applications has placed immense pressure on these resources.
Alphabet revealed that the volume of AI processing handled by its systems has grown dramatically over the past two years. Monthly token processing has surged from 9.7 trillion tokens to approximately 3.2 quadrillion tokens, representing an increase of more than 300 times.
To keep pace with this growth, Alphabet has sharply increased spending on infrastructure. The company raised its 2026 capital expenditure forecast by $5 billion earlier this year and now expects to spend between $180 billion and $190 billion on data centres, networking equipment, and AI computing infrastructure.
Industry-wide spending is also rising rapidly. According to estimates cited by Reuters, major technology companies are expected to collectively invest more than $700 billion in capital expenditure during 2026, compared with earlier projections of around $600 billion.
Following the announcement, Pichai thanked investors for their support, noting that the offering had been “well over-subscribed.”
