Alphabet will sell $80 billion in stock to fund its AI buildout.
The move is unusual: The Google parent has not offered stock for 20 years. But construction of AI infrastructure is now at such a rate that even Alphabet’s vast revenues are not enough to keep pace.
It expects to spend over $180 billion on capex this year, double the 2025 figure, and more in 2027.
Alphabet stock slipped 1.8% on the news. The sector-wide outlay is starting to strain even the biggest firms’ finances; Morgan Stanley and JPMorgan projected up to $1.5 trillion in bond issuance from AI firms in the coming years.
Correction: A previous headline on this story stated an incorrect share sale figure.