Meta Plans Record $95B Equity Raise to Fund AI

Meta announced a financing plan on 26 Oct 2026 for up to $95B in total, its largest-ever equity fundraising. This includes concurrent underwritten public offerings of about $35B (about $22.5B of Class A common stock via forward sale agreements and about $12.5B of depositary shares representing Series A Mandatory Convertible Preferred Stock) and a planned future at-the-market (ATM) program of about $60B, to launch when its previously announced Class C common stock begins trading (expected Q1 2027). Nvidia, AMD, and Broadcom were interested in buying up to $5B of shares in total, which Reuters said adds to concerns about circular capital flows in AI. Meta's Q3 free cash flow was -$2.12B, its first negative FCF in over a decade. META fell about 2% on 26 Oct.