Meta said Tuesday that it had increased its largest-ever equity fundraising plan to $97.5 billion as the social media giant aggressively expands its AI infrastructure. The company raised its planned common stock offering, announced Monday, from $22.5 billion to $25 billion, pricing the shares at $625 each.
Meta also priced 250 million depositary shares at $50 each. The company has launched public offerings totaling about $35 billion in common and preferred stock. It also plans to launch a separate at-the-market share sale program worth up to $60 billion, under which a company sells shares gradually at prevailing market prices.
The share sale program is expected to begin after Meta’s new nonvoting Class C shares start trading in the first quarter of 2027. The company has not finalized the timing or terms of the sale.
Meta’s fundraising plan is among the largest in the artificial intelligence industry. Nvidia, AMD and Micron have expressed interest in purchasing up to $5 billion worth of Meta’s Class A shares in total.
In a separate statement, Nvidia said it would invest $3 billion in Meta’s equity offering, deepening ties between the two companies. The chipmaker added that Meta would expand its deployment of Vera Rubin systems and Vera CPUs, while the companies would deepen their partnership on Muse, Meta’s AI agent, which launched last month.
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“AI agents represent a new computing paradigm — software that understands our goals, reasons, uses tools and gets work done on our behalf,” Nvidia CEO Jensen Huang said in a statement.
“This changes how we use computers, from operating applications to working with intelligent agents.
“We’re excited to keep working with Nvidia to deliver the best personal agents and frontier models for billions of people,” Meta CEO Mark Zuckerberg said.
Competitor AMD also announced that it would invest $1 billion. The company said its Helios racks were running at Meta and its EPYC processors were powering Meta’s Muse.
The funding commitments have added to concerns about increasingly circular capital flows in the AI industry, as chip suppliers help finance the expansion of one of their biggest customers. Meta has invested heavily in chips and data centers as it seeks to compete more effectively with OpenAI and Anthropic.
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“We expect investors to continue to question the financing and potential for future capital raises,” William Blair analysts said in a note.
“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.”
Meta shares fell about 1.4% in morning trading.