Alphabet announced it's raising $80 billion through equity offerings to fund AI infrastructure expansion. The company says demand for its AI services is exceeding available supply.

The deal breaks into three pieces: $30 billion in underwritten public offerings, $40 billion in an at-the-market program starting Q3 2026, and a $10 billion private placement to Berkshire Hathaway.

Google's 2026 capex guidance stands at $180 billion to $190 billion, roughly double its 2025 spend of $91.4 billion. CEO Sundar Pichai shared the numbers at Google I/O last month. Across all Big Four hyperscalers, combined AI capex is expected to pass $700 billion this year, with estimates pointing toward $1 trillion by 2027.