Alphabet Closes $19.25 Billion Mandatory Convertible Preferred Stock Offering

summarizeSummary

Alphabet Inc. has closed its $19.25 billion mandatory convertible preferred stock offering, a key part of its larger $84.75 billion capital raise, with the preferred stock set to convert to common shares by May 2029.

check_boxKey Events

• Mandatory Convertible Preferred Stock Offering Closed

  Alphabet Inc. closed its offering of 385 million Series A and Series B Depositary Shares, including over-allotment options, raising $19.25 billion. Each depositary share represents a 1/20th interest in a $1,000 liquidation preference preferred stock.

• Part of Larger Capital Raise

  This $19.25 billion offering is a substantial portion of the $84.75 billion equity capital raise that was finalized on June 4, 2026.

• Future Conversion and Dilution Mitigation

  The preferred stock will automatically convert into Class A or Class C common stock on or about May 15, 2029. Capped call transactions were executed to reduce potential dilution from this conversion.

auto_awesomeAnalysis

Alphabet Inc. has completed the closing of its previously announced mandatory convertible preferred stock offering, raising $19.25 billion. This includes 167.5 million Series A and 167.5 million Series B Depositary Shares, plus an additional 25 million of each series from the full exercise of the underwriters' over-allotment option. Each depositary share represents a 1/20th interest in a $1,000 liquidation preference preferred stock. This offering is a significant component of the larger $84.75 billion equity capital raise that was finalized on June 4, 2026. The preferred stock will automatically convert into Class A or Class C common stock on or about May 15, 2029, with conversion rates dependent on the stock price at that time. The company also entered into capped call transactions to mitigate potential dilution upon conversion.