When investors look at Alphabet (GOOG 0.87%)(GOOGL 0.75%), they see a dominant brand with strong top-line momentum. The search giant’s business is growing fast, with total company revenue rising 18% year over year to $113.8 billion in the fourth quarter of 2025.

But underneath the surface, the company is undergoing a capital-intensive transition to support artificial intelligence (AI).

With Alphabet’s revenue rising rapidly while it spends aggressively, where could the stock be five years from now?

The answer might surprise you. Despite Alphabet’s already massive size (the company has a market capitalization of more than $3.6 trillion as of this writing), I think its stock price is likely to trade at a far higher level in five years.