Meta Plans $95 Billion Equity Raise for AI

Meta plans to raise up to $95 billion in equity to finance expanding AI infrastructure. On October 26, 2026 it launched about $35 billion in offerings: $22.5 billion in Class A common stock through forward sale agreements and roughly $12.5 billion in mandatory-convertible preferred stock. Morgan Stanley and Goldman Sachs are running both sales. A separate at-the-market program would sell up to $60 billion in nonvoting Class C shares, a class Meta announced on October 21 and expects to begin trading in early 2027. Under the forward agreements, Meta delivers shares and receives cash later, by November 19, 2027. Meta expects 2026 capital spending of $135 billion to $145 billion and reported its first quarterly negative free cash flow in more than a decade. It had about $82 billion in cash and marketable securities at the end of September. Nvidia, AMD and Broadcom expressed nonbinding interest in buying up to $5 billion of the common shares. CONTESTED Moneycontrol reported the chipmakers agreed to buy up to $5 billion of common shares; The Next Web said that interest is not binding.