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They just raised $85 billion and they're sitting on a mountain of cash - if their spending didn't increase in this context, it'd be bad management. The real story here is that they have decided to spend that mountain of cash on AI CapEx.

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That $85 billion was bonds, and requires ongoing repayments of billions every year in interest payments

And then the $85bn to be repaid too.

I'm referring to the equity offering that started in June and has a second component that starts in 2026Q3. Most of this raise came from the sale of Class A and Class C stock. A fraction came from the sale of convertible stock. To my knowledge, none of this raise came from the sale of bonds.

Also, looks like I got it wrong and they've only raised $45B to date. The rest will come as part of the ATM offering program that begins in Q3.

more details here: https://www.sec.gov/Archives/edgar/data/1652044/000119312526...

sorry, my error. Bonds was $31.5 billion

https://www.reuters.com/business/alphabet-sells-bonds-worth-...

wow, they really are exhausting every avenue to raise as much money as possible.

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