If Alphabet's 80 billion equity financing materializes, the scale will surpass the 2010 Petrobras deal in Brazil, and the AI arms race has entered an unlimited spending phase.

According to institutional data, Alphabet has launched as much as $80 billion in equity financing for artificial intelligence infrastructure, which could become the largest equity deal in history. The offering covers common stock, capital stock, and mandatory convertible preferred stock, and the size may exceed Petrobras’ approximately $70 billion issuance in 2010. The largest single issuance of $4 billion at market price is set to begin in the third quarter; it would allow share sales without prior announcements, but would require disclosure of the fundraising amount.