Meta plans to raise $95 billion in funding for AI infrastructure and its personal superintelligence efforts.
Meta is planning to raise up to $95bn through equity offerings to fund artificial intelligence infrastructure and the development of personal superintelligence.
The plan includes approximately $35bn in concurrent underwritten offerings: $22.5bn of Class A common stock issued through forward-sale agreements and approximately $12.5bn of depositary shares representing mandatory convertible preferred stock. Chip partners Nvidia, AMD, and Broadcom have expressed non-binding interest in purchasing up to an aggregate $5bn of the Class A shares on the same terms as the public offering.
Meta also plans to launch a $60bn at-the-market programme for its new Class C common stock after trading begins, which is expected in the first quarter of 2027. The programme has not yet been established, and the company has not committed to selling the full amount.
The proceeds will be used for general corporate purposes, including AI infrastructure, data centres, compute capacity, custom silicon, and new products such as consumer and business agents, enterprise services, AI glasses, and personal superintelligence.
Meta expects 2026 capital expenditure to reach $135bn to $145bn. The company generated $96.9bn in operating cash flow during the first nine months of 2026 and held $82.5bn in cash, cash equivalents, and marketable securities at the end of September.
The financing plan follows a quarter in which Meta's revenue rose 26% year on year to $64.6bn. However, capital expenditure reached $34.9bn in the third quarter, pushing free cash flow to negative $2.1bn.
Meta founder and CEO Mark Zuckerberg said: "We hit major milestones this quarter toward delivering personal superintelligence for everyone—including launching Muse and Muse Wonder, our first frontier model. Our investments are paying off, the core business is strong, and we are seeing velocity across the board."
The move follows Alphabet's $80bn equity raise in June, which also paired underwritten offerings with an ATM programme.
More recently, Elon Musk's SpaceX agreed to enter an approximately $40bn master finance lease with an entity managed by Apollo Global Management. Under the arrangement, the Apollo-managed entity will acquire GPU pods and related equipment and lease them to SpaceX for use at data centres selected by the company.