Alphabet prices $8.4B Series B mandatory convertible preferred offering at $50/depositary share

Filed June 4, 2026 · ~2 min read

Key Changes

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  Alphabet is offering 167.5M Series B depositary shares at $50 each (representing 1/20th interests in 6.25% mandatory convertible preferred stock), raising $8.3B net proceeds after underwriting discount and expenses.

  The Offering verify on EDGAR →
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  The preferred stock converts to Class C shares in May 2029 at a rate capped at 25% appreciation; holders bear full downside if Class C trades below $351.86 and receive only 80% of appreciation above the 25% threshold.

  The Offering verify on EDGAR →
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  Alphabet is simultaneously raising ~$44B across multiple offerings: $8.3B from this Series B preferred, $8.3B from Series A preferred, $17.8B from a stock offering, $10B from a Berkshire Hathaway private placement, and up to $40B from an at-the-market program.

  Use of Proceeds verify on EDGAR →