Alphabet is about to do the largest equity sale in history.

Bigger than SpaceX's IPO.

Bigger than Petrobras in 2010.

Nearly 3x Aramco's 2019 IPO.

$80 billion, in a single equity raise.

The previous record holders were both oil companies at the peak of their cycles.

🇧🇷Petrobras in 2010: $65 billion to drill the pre salt ultra deepwater fields off Brazil the biggest oil discovery in decades. The market couldn't get enough.

🇸🇦Aramco in 2019: $25 billion to monetise the world's largest oil reserve. The most profitable company on earth going public. Still the largest IPO ever at the time.

Both were energy. Both were oil. Both represented the dominant capital deployment thesis of their era.

Now Alphabet an AI company, is about to raise more than both combined.

Not to drill. Not to pump. To build compute.

The capital cycle has rotated completely.

2010s: the world's largest equity raises funded oil megaprojects deepwater, pre-salt, sovereign oil reserves.

2026: the world's largest equity raises fund AI infrastructure data centers, GPUs, power.

Do not miss my latest analysis on oil prices👇