Alphabet just wrote one of the largest checks in corporate history, and it’s made out to artificial intelligence. The Google parent company upsized its equity offering to $84.75 billion on June 3, up from an initial target of $80 billion, a nearly 6% increase driven by investor appetite for AI exposure.

The raise includes Class A shares priced at $355.20, Class C shares at $351.80, and mandatory convertible preferred stock.

The AI arms race has a price tag, and it keeps growing

The company revised its 2025 capital expenditure guidance to $85 billion, up from an initial $75 billion target. Alphabet has projected its 2026 capex to land somewhere between $175 billion and $190 billion.

CEO Sundar Pichai has framed these investments as essential to growth in Alphabet’s Search and Cloud segments. The Gemini app, Alphabet’s flagship AI product, reportedly surpassed 900 million monthly active users by May 2026.

Rather than loading up on debt, Alphabet opted to sell equity and convertible preferred stock, preserving balance sheet flexibility while tapping into the market’s enthusiasm for AI narratives.

Berkshire Hathaway at the table says something

Perhaps the most telling detail is the participation of Berkshire Hathaway in the offering. Warren Buffett’s firm has historically been cautious about technology investments, famously avoiding the sector for decades before its massive Apple position.

Every major tech company, from Microsoft to Amazon to Meta, is engaged in a spending war over AI compute, data centers, and talent. The pricing on both share classes came in strong, with Class A at $355.20 and Class C at $351.80, indicating robust institutional demand with minimal discount to market.

What this means for crypto and tech investors

The largest equity offering in recent memory, aimed squarely at building AI infrastructure, made zero mention of digital assets, blockchain infrastructure, or tokenized anything. No crypto assets, protocols, or digital tokens were referenced in the context of this equity raise.

A company spending between $175 billion and $190 billion in a single year needs enormous revenue growth just to maintain margins. Sundar Pichai has pointed specifically to Cloud and Search as the segments expected to generate returns justifying that level of expenditure.