Meta plans to sell up to $95 billion in stock to pay for AI infrastructure
The first $35 billion goes on sale now, and a further $60 billion program is planned once Meta's Class C shares begin trading.
In brief
Meta wants $95 billion from share sales
Meta will sell about $35 billion in shares first. A $60 billion program may follow once Class C shares trade. The money funds AI data centers and chips.
Meta Platforms announced on Monday, October 26, 2026, that it plans to raise up to $95 billion by selling its own shares. The money is meant for AI infrastructure and what the company calls personal superintelligence. We know this from Meta's filing with the US securities regulator and from reports by CNBC and the Irish Times.
Two steps
The first step is about $35 billion in public offerings underwritten by banks. About $22.5 billion is Class A common stock. About $12.5 billion is depositary shares tied to a new mandatory convertible preferred stock, a type of share that later turns into ordinary shares.
The second step is an at-the-market program of about $60 billion. That means selling shares gradually on the open market instead of in one big sale. Meta says it plans to launch it once its previously announced Class C common stock starts trading.
What the filing says
Part of the common stock is tied to forward sale agreements. Under these, Meta does not expect to receive money from the initial sale. It expects proceeds only when those agreements settle later. Meta says the money is for general corporate purposes.
Underwriters are also expected to get 30-day options to buy more: up to 37,500,000 extra depositary shares, and up to $3.375 billion of extra Class A stock.
The buyers and the market
CNBC reports that Nvidia, AMD and Broadcom were interested in buying up to $5 billion in shares, citing a Meta statement. The Irish Times goes further and calls the three chipmakers cornerstone investors. The two accounts differ in tone, and neither source gives a signed deal.
CNBC said Meta's stock was down 1.6% in morning trading after the news.
Why it matters
Building AI takes chips, data centers and power, and that costs a great deal. Meta now expects 2026 capital spending of $135 billion to $145 billion. CNBC says it is building four superclusters, each above 1 gigawatt. Meta says it will fund this through operating cash flow, investment-grade debt, partnerships and equity.
The Irish Times also notes that Meta had warned it may need to raise hundreds of billions of dollars over several years.
Limits
The $60 billion program is not yet agreed. Meta's filing says it has made no agreement on it, and its timing, size and terms are not settled. The filing excerpt available here is cut off, so the full prospectus terms are not covered. Sources also differ on the euro value: the Irish Times gives about €85 billion for $95 billion.