Alphabet 将 Google 历史性的股权融资提高至 $84.75bn，比早先最高 $80bn 的目标高出约 $5bn，因为尽管该公司有庞大的 AI 基础设施计划，投资者需求仍然强劲。此次融资包括新的 A 类和 C 类普通股、向 Berkshire Hathaway 进行的 $10bn 私募配售、从 $30bn 提高到 $35bn 的普通股和可转换股份发行，以及从第三季度起随时间直接在市场出售的另外 $40bn。
超过 75 名投资者参与或表现出需求，包括大型共同基金和主权财富基金，Goldman Sachs、JPMorgan Chase 和 Morgan Stanley 承销此交易。此次出售是 Alphabet 20 多年来首次股票发行，并将超过 Petrobras 2010 年 $70bn 的股票出售，成为有记录以来最大规模。随著 AI 成本在 hyperscalers 之间上升，Alphabet 正利用过去一年翻了一倍多的股价和类主权信用评级来多元化融资。
Alphabet 计划今年投入 $190bn 的 AI 资本支出，预计 2027 年支出将大幅上升，而过去一年的营运现金流为 $174bn，意味著资本支出很快将超过现金生成。它还筹集了 $85bn 的新债，使总债务达到 $100bn。第一季度 Google Cloud 收入同比增长 63% 至 $20bn，积压订单为 $460bn，而 Berkshire 持有的 Alphabet 股份将升至约 $32bn，约占 Berkshire 股票投资组合的 10%，并位列其 5 大公开持股之一。
Alphabet increased Google’s historic equity raising to $84.75bn, about $5bn above the earlier target of up to $80bn, as investor demand remained strong despite the company’s heavy AI infrastructure plans. The financing includes new class A and class C common stock, a $10bn private placement to Berkshire Hathaway, a $35bn common and convertible share offering raised from $30bn, and a further $40bn to be sold directly into the market over time from the third quarter.
More than 75 investors participated or showed demand, including large mutual funds and sovereign wealth funds, with Goldman Sachs, JPMorgan Chase, and Morgan Stanley underwriting the deal. The sale is Alphabet’s first stock offering in more than 20 years and would surpass Petrobras’s $70bn 2010 stock sale as the largest on record. Alphabet is using a share price that has more than doubled over the past year and a sovereign-like credit rating to diversify funding as AI costs rise across hyperscalers.
Alphabet plans $190bn in AI capital expenditure this year, with spending expected to rise significantly in 2027, while operating cash flow was $174bn over the past year, implying capex will soon exceed cash generation. It has also raised $85bn of new debt, taking total debt to $100bn. Google Cloud revenue rose 63% year on year to $20bn in the first quarter, with a $460bn backlog, while Berkshire’s Alphabet holding will rise to about $32bn, roughly 10% of Berkshire’s stock portfolio and among its 5 largest public holdings.