I’m confused, why would they sell large portions of equity (for billions) if they didn’t plan on spending those billions? So by definition any company that raises billions is planning on being unprofitable (by billions) or they wouldn’t raise money right?

Companies don’t sell equity for fun, they only do it if they have no other choice (they aren’t profitable yet, or they plan to become unprofitable due to new expansion. For the latter they may be able to raise debt instead of venture capital investment) right?