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Meta Unveils Record $95 Billion Equity Plan to Bankroll Its AI Buildout

In the biggest public-market bet on AI infrastructure yet, Meta launches $35 billion in stock offerings and maps out another $60 billion, with Nvidia, AMD and Broadcom circling.

DailyMech Staff

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Meta Unveils Record $95 Billion Equity Plan to Bankroll Its AI Buildout
Photo: LPS.1 / Wikimedia Commons — CC0

Meta Platforms is going back to the public markets in a historic way. On Monday, Oct. 26, the company announced roughly $35 billion in concurrent equity offerings — one of the largest stock sales ever by a U.S. technology company — along with plans for a separate $60 billion at-the-market program that could bring its total equity-financing capacity to $95 billion, all in service of its artificial intelligence ambitions.

The initial transaction has two tranches: a $22.5 billion offering of Class A common stock, sold through forward sale agreements, and $12.5 billion in depositary shares representing newly issued mandatory convertible preferred stock. Meta does not expect to receive cash immediately from the common stock sale; instead, it intends to settle the related forward sale agreements on dates of its choosing.

The headline-grabbing twist is who wants in on the deal. Nvidia, AMD and Broadcom have indicated nonbinding interest in collectively buying up to $5 billion of the Class A shares, at the same price and on the same terms as other investors. The signal is strategic: The three chipmakers stand to be the largest suppliers to Meta's compute buildout, and taking equity stakes would align their interests with those of their biggest customer. Meta cautioned that the indications are not commitments and that underwriters could ultimately sell more, fewer or no shares to any of them.

The remaining $60 billion would come from a planned at-the-market program for nonvoting Class C shares, expected to begin in the first quarter of 2027. Crucially, that program has not yet been established: Meta has signed no agreement for it, and there is no assurance it will happen. The Class C structure is notable in its own right. Issuing nonvoting stock would let Meta raise capital without diluting the voting power of existing shareholders, including CEO Mark Zuckerberg, though it would still dilute economic ownership, and the shares could trade at a discount to voting Class A shares.

The urgency behind the raise is clear in Meta's spending trajectory. The company now expects 2026 capital expenditures of $135 billion to $145 billion, up from a prior range of $130 billion to $145 billion, as it races to build AI infrastructure, including gigawatt-scale superclusters such as Prometheus in Ohio. Meta said the financing will fund infrastructure and compute for personal superintelligence, consumer and business agents, enterprise products and AI-enabled glasses, and that it intends to use a mix of operating cash flow, investment-grade debt, strategic partnerships and equity capital.

The offering follows a bruising week. Meta shares fell nearly 7% on Oct. 22 after third-quarter results showed AI spending had pushed free cash flow negative, part of a broader selloff in AI-linked stocks. Meta first floated the nonvoting Class C shares alongside those results.

The larger backdrop is the sheer scale of the AI capex race. Meta's raise would dwarf nearly every venture round on record — a reminder that in the AI era, the largest "funding rounds" increasingly happen in public markets, with the companies building the chips and the models now financially intertwined.

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