Alphabet (GOOG.O) increased its equity financing program to $84.75 bln from $80
bln to fund AI spending. It priced 25.5 mln Class A shares at $355.20 and 25.5
mln Class C shares at $351.80; the Class A/C tranche was raised to $18 bln from
$15 bln. It priced 167.5 mln Series A depositary shares and an equal number of
Series B depositary shares at $50.00 each; the depositary tranche was raised to
$16.75 bln from $15 bln. Alphabet estimates net proceeds of about $17.8 bln from
the Class A/C offering and about $16.6 bln from the depositary offering.
Proceeds will be used for general corporate purposes, including capex to expand
AI infrastructure and global compute capacity. Class A/C issuance expected to
close Thursday; depositary issuance expected to close Friday.
