Direct Answer
Google went public in August 2004 at $85 per share. Alphabet executed a 20-for-1 stock split in 2022. The company initiated a quarterly cash dividend in 2024 and repurchased over $62 billion per year of stock in 2023 and 2024. In 2026 it paused common repurchases and instead raised approximately $39.5 billion through a common stock offering and mandatory convertible preferred stock to fund AI infrastructure. Data checkpoint: September 5, 2026; financial data through Q2 2026.
IPO and early trading history
Google went public in August 2004 using a modified Dutch auction process designed to reduce the typical IPO first-day price spike by allocating shares at a market-clearing price.
SEC filings from the IPO period state that 19,605,052 Class A shares were sold to the public at $85 per share.
The IPO introduced a dual-class structure in which founders and early insiders held higher-vote Class B shares while the public received standard Class A shares. This structure meant founders retained significant voting control even as the company raised public capital.
In 2014, Alphabet issued non-voting Class C shares (GOOG) as a stock dividend to existing shareholders, creating a three-class structure that remains in place today.
Source: Google 2004 IPO filing
2022 stock split
On July 18, 2022, Alphabet executed a 20-for-one stock split across Class A, Class B and Class C shares. Each holder received 19 additional shares for every share held before the split.
The split-adjusted equivalent of the original 2004 IPO price of $85 per Class A share would be $4.25 per post-split share. Investors comparing historical prices across long time periods need to use split-adjusted figures for accurate comparisons.
The split did not change the voting ratios between share classes. Class A retains one vote per share, Class C retains no votes, and Class B retains 10 votes per share.
Source: Alphabet 2022 Form 10-K
Dividend history
Alphabet initiated its first regular cash dividend in April 2024, paying $0.20 per share per quarter across Class A, Class B and Class C shares.
In April 2025, the board increased the quarterly dividend by 5% to $0.21 per share.
Future dividends remain subject to board approval each quarter. Alphabet's dividend policy is relatively new compared with long-established dividend payers in the Dow.
| Event | Date | Quarterly dividend per share |
|---|---|---|
| Dividend initiation | April 2024 | $0.20 |
| First dividend increase | April 2025 | $0.21 (+5%) |
Sources: Alphabet April 2024 dividend 8-K · Alphabet 2025 Form 10-K
Share repurchase history
Alphabet has historically been one of the largest share repurchasers in the U.S. market.
| Period | Class A and Class C repurchases |
|---|---|
| 2023 full year | ~$62.2B |
| 2024 full year | ~$62.0B |
| 2025 full year | ~$45.4B |
| H1 2026 | $0 (no common repurchases reported) |
As of June 30, 2026, Alphabet had $69.5 billion remaining under a prior repurchase authorization but had made no Class A or Class C repurchases in the first half of 2026.
Investors should not assume that a large repurchase authorization automatically means near-term buybacks. The 2026 capital-allocation shift is an example of a company with significant repurchase capacity choosing to prioritize infrastructure investment instead.
Sources: Alphabet 2025 Form 10-K · Alphabet Q2 2026 Form 10-Q
June 2026 capital raise
In June 2026, Alphabet completed a significant capital-raising event. The company issued:
- 29 million Class A shares and 29 million Class C shares in an underwritten public offering, receiving approximately $20.5 billion of net proceeds.
- Mandatory convertible preferred stock, receiving approximately $19.0 billion of net proceeds.
Alphabet stated that proceeds would be used for general corporate purposes including scaling AI infrastructure and global compute.
This was a material shift from prior years, when Alphabet used strong cash generation and drew down on no external equity capital. The change in direction deserves explicit monitoring in subsequent quarters: watch whether common-stock repurchases resume, whether share count trends change, and how the proceeds are deployed relative to capex and operating results.
Valuation context
Current market capitalization, enterprise value, price-to-earnings ratios and other live valuation multiples are not hard-coded on this page. These figures move with the stock price, earnings revisions and market conditions.
For valuation analysis, investors should check current primary sources including Alphabet's latest SEC filings and approved market-data providers with an explicit timestamp.
Structural factors that affect how investors approach valuation include:
- The three-segment model: Google Services (mature, high-margin), Google Cloud (growing, improving margins) and Other Bets (loss-making portfolio).
- Infrastructure spending that reduces near-term free cash flow even when operating income is strong.
- The pause in common repurchases and new equity issuance in 2026.
- Regulatory uncertainties that could affect distribution, data access or product economics.
- The share-class structure (voting and economic considerations).
See Fundamental Analysis for Swoopr's educational framework on valuation methods.
Frequently Asked Questions
What was the Alphabet IPO price?
Google's IPO was in August 2004. SEC filings state 19,605,052 Class A shares were sold at $85 per share. After the 2022 20-for-1 stock split, the split-adjusted equivalent of the original IPO price would be $4.25 per post-split share.
When did Alphabet split its stock?
Alphabet executed a 20-for-one stock split across Class A, Class B and Class C shares, effective July 18, 2022.
When did Alphabet start paying dividends?
Alphabet initiated a quarterly cash dividend in April 2024 at $0.20 per share. The quarterly dividend was increased 5% to $0.21 per share in April 2025.
How much stock has Alphabet bought back?
Alphabet repurchased approximately $62.2 billion of Class A and Class C shares in 2023, $62.0 billion in 2024 and $45.4 billion in 2025. In the first half of 2026, Alphabet reported no common-share repurchases.
Why did Alphabet raise new equity capital in 2026?
In June 2026, Alphabet raised approximately $20.5 billion from a public offering of 29 million Class A and 29 million Class C shares, and approximately $19.0 billion from mandatory convertible preferred stock. The company stated proceeds would support general corporate purposes including scaling AI infrastructure and global compute.