Meta plans up to $95 billion in stock sales for AI

Meta is preparing a major equity-raising plan to help pay for its expanding AI infrastructure, with the company confirming roughly $35 billion of near-term offerings and a possible future $60 billion share-sale programme.¹²

What Meta announced

Meta said on October 26 that it had launched concurrent offerings of $22.5 billion in Class A common stock and 250 million depositary shares representing a 1/20 interest in newly issued Series A mandatory convertible preferred stock.¹ The preferred shares are due to convert into common stock in August 2029 unless converted earlier.

Meta also described a potential approximately $60 billion at-the-market programme tied to its previously announced Class C common stock. Crucially, that programme has not yet been agreed: Meta says its timing, size and terms remain undecided, and there is no guarantee it will go ahead.¹

The Decoder reports that the wider plan could raise as much as $95 billion when the immediate offerings and potential future sales are considered.² Meta's Class C shares would carry no voting rights, while entities controlled by chief executive Mark Zuckerberg hold most of the company's higher-vote Class B stock.²

Why it matters for AI

Meta says it expects capital expenditure of $135 billion to $145 billion in 2026 as it expands computing capacity for AI products, agents and AI glasses.¹ The company says it owns data centres in 23 US states, is building four superclusters with more than one gigawatt of capacity each, and expects to nearly double total infrastructure capacity during 2026.¹

The financing plan is therefore less a single $95 billion cheque than a mixture of immediate fundraising and a possible later share programme. That distinction matters: the larger figure depends on a future transaction whose terms have not been fixed.

Our opinion

Meta is making the scale of the AI infrastructure race impossible to miss. Raising equity can provide enormous spending power without placing the entire burden on debt, but it also asks shareholders to absorb substantial future dilution. The most important detail is the caveat around the proposed $60 billion programme: until Meta sets its terms, the headline total is a plan, not cash already secured.

For now, the confirmed $35 billion offering is the clearest measure of Meta's commitment. The rest will be judged by whether the infrastructure produces durable products and revenue rather than simply larger server farms.