Meta Platforms plans to raise up to $95 billion through equity offerings to fund its artificial intelligence investments, marking the social media giant’s largest-ever equity fundraising effort as it aggressively expands its AI infrastructure.
The parent company of Facebook, Instagram and WhatsApp on Monday launched public offerings worth approximately $35 billion in common and preferred stock. It also plans a separate at-the-market share sale program of up to $60 billion, which is expected to begin in the first quarter of 2027 after its new nonvoting Class C shares start trading. Meta has not finalized the timing or terms of the planned sale.
The immediate fundraising includes approximately $22.5 billion in Class A common stock and $12.5 billion in depositary shares representing mandatory convertible preferred stock, according to the company’s announcement.
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The fundraising comes as Meta ramps up investments in artificial intelligence and superintelligence infrastructure, including the computing capacity needed to develop and operate advanced AI systems.
The company expects capital expenditures to reach between $135 billion and $145 billion in 2026, raising the lower end of its previous forecast of $130 billion to $145 billion, according to CNBC.
Meta’s shares fell 1.6% in morning trading following the announcement.
“Overall, we believe the financing reinforces both Meta’s confidence in the long-term returns from AI investment and the increasingly capital-intensive nature of pursuing that opportunity,” William Blair analysts said.
Meta’s fundraising plans have also attracted interest from major chipmakers. Nvidia, Advanced Micro Devices and Broadcom have indicated interest in purchasing up to $5 billion worth of Meta’s Class A shares collectively.
The potential investments come amid growing financial ties between AI developers and the companies supplying the chips and computing technology needed to build their systems. Such arrangements have raised questions about the increasingly interconnected financing of the AI industry.
According to Meta’s third-quarter results, the company held $82.45 billion in cash, cash equivalents and marketable securities as of Sept. 30, while its long-term debt stood at $80.92 billion.
Meta reported revenue of $64.60 billion for the third quarter, up 26% from $51.24 billion a year earlier and above analysts’ expectations of approximately $63.37 billion. However, its free cash flow turned negative as spending increased.
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The company recorded negative free cash flow of $2.12 billion in the third quarter, compared with positive free cash flow of $10.63 billion in the same period last year. Meta’s capital expenditures, including principal payments on finance leases, reached $34.91 billion during the quarter.
Meta’s aggressive AI investments are adding to pressure on its finances even as its core advertising business continues to grow. The company has also reported substantial future spending commitments, reflecting the scale of its planned infrastructure expansion.
According to Ben Wood, a senior partner at CCS Insight, “The decision to raise more money reflects the eye-watering levels of investment required to keep up in the AI arms race.”