Meta plans to raise up to $95 billion through equity offerings to finance its AI infrastructure expansion, kicking off with a $35 billion underwritten public offering of common and convertible preferred stock1,2,3,4.
The remaining $60 billion would come through an at-the-market program allowing Meta to sell shares in the open market over time. The ATM tranche will consist of planned Class C non-voting shares.
Nvidia Corp., AMD, and Broadcom have indicated interest in purchasing up to $5 billion collectively in the Class A offering, though their commitments are non-binding. The three chipmakers are listed as cornerstone investors in the deal.
Meta said the financing would support investments in AI infrastructure, computing capacity, and what it called personal superintelligence, as it expands AI products and services. The company is building four superclusters across the United States, each with significant computing capacity.
Meta reported a 26 percent jump in sales in the third quarter and projected capital spending of $135 billion to $145 billion in 2026, focused on AI expansion. The company warned investors it would need to raise hundreds of billions of dollars over several years to fund its AI bet. That warning sent shares in Meta down 7 percent on Thursday.
Meta said its AI investments are already generating returns through increased engagement, improved advertising performance, and increased monetization.
ANALYSIS Structuring $60 billion of the total as an at-the-market program in non-voting Class C shares lets Meta spread dilution over time while retaining flexibility on timing.