Meta Plans Record $95 Billion Share Sale to Fund AI Expansion

Meta Platforms announced on 27 October a three-stage equity fundraising plan totalling up to $95 billion — the largest in the company's history — to accelerate its artificial-intelligence build-out. In the immediate phase, Meta launched public offerings worth approximately $35 billion, split between common and preferred stock. A further at-the-market offering of up to $60 billion is planned to begin no earlier than Q1 2027, once the new Class C shares start trading. Nvidia, AMD, and Broadcom separately expressed interest in purchasing a combined $5 billion in Class A shares, raising concerns about circular capital flows within the AI industry as chip suppliers help finance one of their biggest customers.

The announcement came alongside disclosure that Meta burned through $2.12 billion in free cash flow in Q3, its first negative quarterly figure in more than a decade, compared with positive cash flow of $10.63 billion a year earlier. The company has committed to roughly $825 billion in future spending, primarily on data centres and AI infrastructure, and has raised its annual capex guidance to a range of $135–145 billion.

Meta's move is part of a broader industry shift toward debt and equity markets to fund AI hardware. On the same day, SpaceX disclosed that an Apollo Global Management affiliate would purchase AI chips and server hardware and lease them to the firm, in a deal involving total principal payments of about $40 billion.

Meta also plans to issue Class C common stock in January 2027, effectively creating a two-for-one stock split, to fund acquisitions and retain talent while preserving CEO Mark Zuckerberg's voting control.