Alphabet Proposes $80 Billion Equity Raise to Fund AI Infrastructure Buildout

Alphabet proposed an $80 billion equity raise in its June 2026 investor presentation. The company, which reported Q2 2026 revenue of $119.8 billion and EPS up 294%, also raised its 2026 capex guidance to $180–190 billion — roughly six times its 2022 spending. The raise signals that the AI infrastructure runway may exceed what internal cash flow can cover.