Meta announced on October 26 that it plans to raise up to $95 billion in equity, according to an SEC filing and press reports. It is the largest equity fundraising in the company’s history.

The first step is about $35 billion in underwritten offerings: roughly $22.5 billion in common shares and $12.5 billion in mandatory convertible preferred securities. A $60 billion at-the-market program follows in early 2027, reportedly using nonvoting Class C shares.

Meta expects $135 billion to $145 billion of capital expenditures in 2026, and its third-quarter free cash flow was negative for the first time in over a decade. The company says it will also use operating cash flow, investment-grade debt and partnerships.

Nvidia, AMD and Broadcom have shown interest in up to $5 billion of Class A shares, which adds to concerns about increasingly circular flows of capital in the AI industry.

Sources

Image: Facebook Offices Menlo Park California (34183281176).jpg by Anthony Quintano from Honolulu, HI, United States, CC BY 2.0, via Wikimedia Commons. Illustrative photo; it does not show the events described.