GOOG · 10-Q · 2026Q2 · Full report

Equity Capital Raise

Alphabet Inc. · 2026-07-23 · Importance 71 · Surprise 60 · In source text

In June 2026, Alphabet completed an underwritten offering of Class A and Class C shares for $20.5 billion of net proceeds and issued $19.0 billion of mandatory convertible preferred stock. The proceeds are intended for general corporate purposes, including capital expenditures to scale AI infrastructure and global compute. Alphabet also issued $20.0 billion of U.S. dollar-denominated fixed-rate senior notes and $31.8 billion of foreign-currency-denominated fixed-rate senior notes during the first six months of 2026. As of June 30, 2026, long-term debt had a carrying value of $98.2 billion, increasing financing exposure as the company expands compute capacity.

Key facts

• On June 1, 2026 the company entered into an ATM Program to sell up to $40.0 billion of Class A and Class C stock; as of June 30, 2026 no shares were sold and $40.0 billion remained available. source
• In June 2026, Alphabet issued a combination of Class A stock and Class C stock and mandatory convertible preferred stock for aggregate net proceeds of $49.6 billion. source
• On June 4, 2026 the company completed an underwritten public offering of 29 million Class A shares at $355.1982 per share and 29 million Class C shares at $351.8018 per share, with net proceeds of $20.5 billion. source
• Concurrently on June 4, 2026, the company completed a $10.0 billion private placement of 14 million Class A and 14 million Class C shares to an affiliate of Berkshire Hathaway Inc. source
• On June 5, 2026 the company issued 385 million depositary shares representing 19 million shares of 6.25% mandatory convertible preferred stock with aggregate net proceeds of $19.0 billion. source

Impact estimates