Alphabet Upsizes Offering for AI Spending to $85 Billion (1)

Google parent Alphabet Inc. upsized its equity raise to $84.75 billion from the $80 billion it announced just two days earlier in a bid to help fund growing artificial intelligence spending plans.

The offering includes a $40 billion so-called at-the-market program, which would involve the company selling shares directly into the open market from time to time beginning in the third quarter, as well as a $10 billion deal with Berkshire Hathaway Inc. The remaining portion of the offering includes $18 billion in Class A common stock and Class C capital shares and $16.75 billion in depositary shares.

The common ...