Meta plans to raise up to $95 billion in equity to fund AI infrastructure

Meta Platforms announced on October 26, 2026, plans to raise up to $95 billion through public equity offerings and an at-the-market share program to fund its artificial intelligence expansion. The plan includes an initial $35 billion offering in common and preferred stock, supported by up to $5 billion in non-binding commitments from chip partners Nvidia, AMD, and Broadcom. Meta raised its 2026 capex forecast to $135–$145 billion following its first quarterly cash burn in ten years.

Equity financing details

• ▪Meta Platforms launched public offerings of approximately $35 billion, comprising $22.5 billion in Class A common stock and $12.5 billion in mandatory convertible preferred stock
• ▪Morgan Stanley and Goldman Sachs are acting as lead joint bookrunners for Meta Platforms' public equity offerings announced on October 26, 2026
• ▪Meta Platforms announced, a plan to raise up to $95 billion in equity to fund its artificial intelligence infrastructure buildout

Class C share distribution

• ▪Meta Platforms plans to distribute its new non-voting Class C shares to existing investors through a stock dividend structured as a two-for-one stock split as part of its $95 billion equity raise
• ▪Meta Platforms unveiled a stock structure featuring Class C non-voting dividend shares to allow equity sales without diluting Chief Executive Mark Zuckerberg's voting control

Chipmaker participation and supplier roles

• ▪Chipmakers Nvidia, Advanced Micro Devices (AMD), and Broadcom expressed non-binding interest in purchasing up to $5 billion collectively of Meta Platforms' $35 billion Class A common stock offering
• ▪Nvidia, AMD, and Broadcom act as primary suppliers of artificial intelligence chips and computing infrastructure for Meta Platforms' data centers

Market reaction and stock performance

• ▪Meta Platforms' stock rose between 1.6% and 3% in premarket trading on Monday, October 26, 2026, following its $95 billion equity fundraising announcement
• ▪Meta Platforms' stock dropped 7% on October 22, 2026, after the company projected capital spending of up to $145 billion and warned of needing hundreds of billions for artificial intelligence investments

Capital spending commitments and guidance

• ▪Meta Platforms raised its 2026 full-year capital expenditure forecast to between $135 billion and $145 billion, primarily to fund artificial intelligence data centers and computing capacity
• ▪Meta Platforms reported future spending commitments exceeding $800 billion for data centers, energy supplies, cloud computing power, and artificial intelligence wearable devices over the next decade

Third quarter 2026 financial results

• ▪Meta Platforms recorded $2.12 billion in negative free cash flow for Q3 2026, marking its first cash burn in over ten years
• ▪Meta Platforms generated $64.60 billion in Q3 2026 revenue, a 26% year-on-year increase, alongside holding $82.45 billion in cash, cash equivalents, and marketable securities as of September 30, 2026