You need to use the alignment character &
to specify where it should be aligned. I also included the space \quad
to align after the =
.
\documentclass{article}
\usepackage{lipsum}
\usepackage{amsmath}
\begin{document}
\begin{equation}
\begin{split}
G_{\text{est}} &= 69.73 s^{11} + 2.546e04 s^{10} + 4.948e06 s^9 + 6.943e08 s^8 + 7.08e10 s^7 + 4.952e12 s^6 + 2.304e14 s^5 \\
&\quad + 7.106e15 s^4 + 1.455e17 s^3 + 1.89e18 s^2 + 1.259e19 s + 3.154e19 \\
&\quad -----------------------------------\\
&\quad +0.01592 s^{15} + 5.822 s^{14} + 1372 s^{13} + 2.441e05 s^{12} + 3.255e07 s^{11} + 3.408e09 s^{10}\\
&\quad + 2.819e11 s^9 + 1.744e13 s^8 + 7.626e14 s^7 + 2.296e16 s^6 + 4.712e17 s^5 + 6.318e18 s^4 \\
&\quad + 4.729e19 s^3 + 1.696e20 s^2 + 2.305e20 s + 8.076e19
\label{eq:longeq}
\end{split}
\end{equation}
\end{document}

Still, the lines are too long, at least with the default text width settings. Also, to get the numbering on the last row I would prefer align
. (Since I did not understand the dashed line I removed it.)
\begin{align}
G_{\text{est}} &= 69.73 s^{11} + 2.546e04 s^{10} + 4.948e06 s^9 + 6.943e08 s^8 + 7.08e10 s^7 \nonumber\\
&\quad + 4.952e12 s^6 + 2.304e14 s^5 + 7.106e15 s^4 + 1.455e17 s^3 + 1.89e18 s^2 \nonumber\\
&\quad + 1.259e19 s + 3.154e19 + 0.01592 s^{15} + 5.822 s^{14} + 1372 s^{13} \nonumber\\
&\quad + 2.441e05 s^{12} + 3.255e07 s^{11} + 3.408e09 s^{10} + 2.819e11 s^9 + 1.744e13 s^8 \nonumber\\
&\quad + 7.626e14 s^7 + 2.296e16 s^6 + 4.712e17 s^5 + 6.318e18 s^4 + 4.729e19 s^3 \nonumber\\
&\quad + 1.696e20 s^2 + 2.305e20 s + 8.076e19
\label{eq:longeq}
\end{align}

EDIT
With the dashed line denoting a fraction I would do something like this.
\begin{equation}
\label{eq:1}
G_{\text{est}}=\frac{G_1}{G_2}
\end{equation}
where
\begin{align}
G_1 &= 69.73 s^{11} + 2.546e04 s^{10} + 4.948e06 s^9 + 6.943e08 s^8 + 7.08e10 s^7 \nonumber\\
&\quad + 4.952e12 s^6 + 2.304e14 s^5 + 7.106e15 s^4 + 1.455e17 s^3 + 1.89e18 s^2 \nonumber\\
&\quad + 1.259e19 s + 3.154e19 \\
G_2 &= 0.01592 s^{15} + 5.822 s^{14} + 1372 s^{13} + 2.441e05 s^{12} + 3.255e07 s^{11} \nonumber\\
&\quad + 3.408e09 s^{10} + 2.819e11 s^9 + 1.744e13 s^8 + 7.626e14 s^7 \nonumber\\
&\quad + 2.296e16 s^6 + 4.712e17 s^5 + 6.318e18 s^4 + 4.729e19 s^3 \nonumber\\
&\quad + 1.696e20 s^2 + 2.305e20 s + 8.076e19
\end{align}

multline
instead ofequation
.