# Alphabet (Google) — Capital Time Machine

Google’s 1999 venture raise, preferred-stock terms and 2004 auction IPO are documented. Modern comparisons value GOOGL and the GOOG shares distributed in 2014 separately.

Canonical citation: https://capitaltimemachine.com/private/alphabet

Ticker: GOOGL
Sector: Search & AI
Public-market route: IPO
Evidence reviewed: 2026-09-24

## How to use this research

Selected historical funding and listing evidence, not a complete private cap table or live quote. Funding totals, company valuations and per-share prices are different measures. A hypothetical value is not actual sale proceeds; investor access is not established.

## Funding and listing history

### raise — Sequoia and Kleiner Perkins funding

Date: 1999-06-07
Event type: Private equity financing

Google announced a completed $25 million equity round. This is capital raised, not the company valuation or an individual share price.

Reported capital or financing: $25 million

Source: [Google announces $25 million equity funding](https://googlepress.blogspot.com/1999/06/google-receives-25-million-in-equity.html)
Source location: June 7, 1999 company announcement; Sequoia and Kleiner Perkins.

### AB — Series A/B charter terms

Date: 2003-08
Event type: Preferred-stock terms

The pre-IPO charter specifies $0.0625 for Series A and $0.49525 for Series B as liquidation/conversion-value references. Models retain that distinction from cash subscription evidence.

Reported price: A: $0.0625 · B: $0.49525

Source: [Google pre-IPO charter](https://www.sec.gov/Archives/edgar/data/1288776/000119312504073639/dex301.htm)
Source location: Article IV: preferred liquidation/conversion values and conversion prices. These are charter references, not evidence of each holder’s cash cost.

### CD — Series C/D and commercial warrants

Date: 2000–2004
Event type: Strategic financing

Series C/D terms were $2.3425 and $2.91; commercial arrangements and warrant exercises form part of this history. Their liquidation preferences are not funding totals.

Source: [Google pre-IPO charter](https://www.sec.gov/Archives/edgar/data/1288776/000119312504073639/dex301.htm)
Source location: Article IV: preferred liquidation/conversion values and conversion prices. These are charter references, not evidence of each holder’s cash cost.

Source: [Google final 2004 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1288776/000119312504143377/d424b4.htm)
Source location: Cover; Note 9, preferred stock and warrants; conversion to Class B and transfer to Class A.

### ipo — Auction IPO

Date: 2004-08-19
Event type: IPO

The final public offer price was $85. Preferred shares converted to Class B; transferred Class B shares convert to Class A.

Reported price: $85

Source: [Google final 2004 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1288776/000119312504143377/d424b4.htm)
Source location: Cover; Note 9, preferred stock and warrants; conversion to Class B and transfer to Class A.

### classC — A second listed share class

Date: 2014-04-03
Event type: Stock distribution

Each existing share received one nonvoting Class C share. GOOGL and GOOG may trade at different prices, so both prices are required for later outcomes.

Source: [Google second-quarter 2014 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1288776/000128877614000065/goog10-qq22014.htm)
Source location: April 2, 2014 Class C stock dividend, one Class C share for each Class A/B share; April 3 split trading.

### split — Twenty-for-one split

Date: 2022-07-18
Event type: Share basis

Each class split 20-for-one. One IPO-basis share now corresponds to 20 Class A plus 20 distributed Class C shares, before excluded adjustment distributions.

Source: [Alphabet June 2022 Form 8-K](https://www.sec.gov/Archives/edgar/data/1652044/000119312522167375/d294315d8k.htm)
Source location: 20-for-one split; adjusted trading July 18, 2022.

Source: [Alphabet 2022 Form 10-K](https://www.sec.gov/Archives/edgar/data/1652044/000165204423000016/goog-20221231.htm)
Source location: Alphabet holding-company structure and completed 2022 stock split.

## Documented share calculations

### A — Series A charter reference · $0.0625

Starting price: 0.0625 USD per starting share
Starting date or context: 2003 charter terms · not an investment date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Charter conversion-value illustration, not a verified cash subscription. One IPO-basis common share per preferred share. Includes one distributed GOOG share per retained GOOGL share for dates from April 3, 2014; both classes receive the 2022 split.

Public trading begins: 2004-08-19
Supported ending dates begin: 2004-08-19
Share basis reviewed through: 2022-07-18

Documented endpoint: IPO offer price · $85; 85 USD per share on 2004-08-19.

Formula: amount ÷ 0.0625 × (1) × applicable dated public splits × ending share price. Also add the distributed GOOG share value for eligible dates, using its own price.

Source: [Google pre-IPO charter](https://www.sec.gov/Archives/edgar/data/1288776/000119312504073639/dex301.htm)
Source location: Article IV: preferred liquidation/conversion values and conversion prices. These are charter references, not evidence of each holder’s cash cost.

Source: [Google final 2004 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1288776/000119312504143377/d424b4.htm)
Source location: Cover; Note 9, preferred stock and warrants; conversion to Class B and transfer to Class A.

Source: [Google second-quarter 2014 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1288776/000128877614000065/goog10-qq22014.htm)
Source location: April 2, 2014 Class C stock dividend, one Class C share for each Class A/B share; April 3 split trading.

Source: [Alphabet June 2022 Form 8-K](https://www.sec.gov/Archives/edgar/data/1652044/000119312522167375/d294315d8k.htm)
Source location: 20-for-one split; adjusted trading July 18, 2022.

### B — Series B charter reference · $0.49525

Starting price: 0.49525 USD per starting share
Starting date or context: 2003 charter terms · not an investment date

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Charter conversion-value illustration, not a verified cash subscription. One IPO-basis common share per preferred share. Includes one distributed GOOG share per retained GOOGL share for dates from April 3, 2014; both classes receive the 2022 split.

Public trading begins: 2004-08-19
Supported ending dates begin: 2004-08-19
Share basis reviewed through: 2022-07-18

Documented endpoint: IPO offer price · $85; 85 USD per share on 2004-08-19.

Formula: amount ÷ 0.49525 × (1) × applicable dated public splits × ending share price. Also add the distributed GOOG share value for eligible dates, using its own price.

Source: [Google pre-IPO charter](https://www.sec.gov/Archives/edgar/data/1288776/000119312504073639/dex301.htm)
Source location: Article IV: preferred liquidation/conversion values and conversion prices. These are charter references, not evidence of each holder’s cash cost.

Source: [Google final 2004 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1288776/000119312504143377/d424b4.htm)
Source location: Cover; Note 9, preferred stock and warrants; conversion to Class B and transfer to Class A.

Source: [Google second-quarter 2014 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1288776/000128877614000065/goog10-qq22014.htm)
Source location: April 2, 2014 Class C stock dividend, one Class C share for each Class A/B share; April 3 split trading.

Source: [Alphabet June 2022 Form 8-K](https://www.sec.gov/Archives/edgar/data/1652044/000119312522167375/d294315d8k.htm)
Source location: 20-for-one split; adjusted trading July 18, 2022.

### ipo — IPO offer price · $85

Starting price: 85 USD per starting share
Starting date or context: IPO · 2004-08-19

Base conversion: 1 common-share equivalents per starting share, before dated public splits

Starts at the public offering, not a private funding round. Uses the original offer price and the share adjustments documented below.

Public trading begins: 2004-08-19
Supported ending dates begin: 2004-08-19
Share basis reviewed through: 2022-07-18

The ending share price and its date must be supplied by the user.

Formula: amount ÷ 85 × (1) × applicable dated public splits × ending share price. Also add the distributed GOOG share value for eligible dates, using its own price.

Source: [Google final 2004 IPO prospectus](https://www.sec.gov/Archives/edgar/data/1288776/000119312504143377/d424b4.htm)
Source location: Cover; Note 9, preferred stock and warrants; conversion to Class B and transfer to Class A.

Source: [Google second-quarter 2014 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1288776/000128877614000065/goog10-qq22014.htm)
Source location: April 2, 2014 Class C stock dividend, one Class C share for each Class A/B share; April 3 split trading.

Source: [Alphabet June 2022 Form 8-K](https://www.sec.gov/Archives/edgar/data/1652044/000119312522167375/d294315d8k.htm)
Source location: 20-for-one split; adjusted trading July 18, 2022.

## Later share adjustments

2022-07-18: multiply share units by 20.
Source: [Alphabet June 2022 Form 8-K](https://www.sec.gov/Archives/edgar/data/1652044/000119312522167375/d294315d8k.htm)
Source location: 20-for-one split; adjusted trading July 18, 2022.
Source: [Alphabet 2022 Form 10-K](https://www.sec.gov/Archives/edgar/data/1652044/000165204423000016/goog-20221231.htm)
Source location: Alphabet holding-company structure and completed 2022 stock split.

2014-04-03: include 1 distributed GOOG shares per retained share, adjusted for later splits. Supply a separate price for this class.
Source: [Google second-quarter 2014 Form 10-Q](https://www.sec.gov/Archives/edgar/data/1288776/000128877614000065/goog10-qq22014.htm)
Source location: April 2, 2014 Class C stock dividend, one Class C share for each Class A/B share; April 3 split trading.

## Coverage gaps and limitations

- Series A/B calculators use labeled charter conversion-value references; the exact cash cost of every investor is not established.

- Series C/D include commercial warrants and cannot be presented as ordinary cash-only venture rounds.

- The 2014 Class C distribution is included, but subsequent Class C adjustment payments, dividends, fees and taxes are excluded.

Entered prices and later-date share-basis assumptions are unverified. Excludes fees, taxes, dividends, warrants and other distributions; fractional shares are illustrative. Historical investor allocations, minimums and selling rights are not established.

Methodology: https://capitaltimemachine.com/methodology

Research terms: https://capitaltimemachine.com/terms