The archeology of Google Inc. from foundation to IPO 1

Google is certainly one of the world's best-known company, but the path that takes a start-up from a Silicon Valley garage to Wall Street remains largely unknown. We still don't know, for example, how much the two founders Sergei Brin and Larry Page initially put into the business. How did they manage to retain more than 50% of the voting rights? What were the financial arrangements between the initial shareholders, and what capital gains did they make on the IPO? Using unpublished documents on the company's articles of incorporation and the composition of its capital between 1998 and 2004, we show how the chances of profit are shared beforehand between the various protagonists: founders, shareholders, managers, employees. The hierarchical position they occupy in relation to each other determines the amount of profit they receive at IPO. The case of Google, while singular in the scale of its technological and financial success, is exemplary of the way American capitalism has functioned since its origins. 1 We would like to warmly thank Olivier Alexandre and Benjamin Loveluck for giving us the opportunity to present a preliminary version of this article in their seminar: "Digital Capitalism and Ideologies" in February 2021. We would also like to extend our heartfelt thanks to Philippe Humeau, start-up founder, who helped us decipher the intricacies of fund-raising, Marion Flécher and Mathilde Krill, PhD students at University Paris Dauphine, for their invaluable bibliographical indications, and of course Dominique Maret for his attentive proof-reading. 2 Alphabet, the company that succeeded in 2014, has a market capitalization of $2,47 trillion as end of January, 2025.in August 2004, Google's shares were eagerly awaited. It was supposed to mark the return to favor of high-tech firms after the bursting of the Internet bubble in 2000. Although the IPO itself was somewhat disappointing for initial investors, the share price doubled in four months, rising from $85 to $190. Over the years, Google's shares have become one of the world's leading market capitalizations 2 ,