Meta Platforms launched public offerings totaling about $35 billion Monday as it seeks to finance an artificial intelligence buildout, while disclosing a separate Class C share program that could raise up to about $60 billion.
The current offerings include about $22.5 billion in Class A common stock and roughly $12.5 billion in depositary shares representing Series A mandatory convertible preferred stock. Meta said it will set the preferred shares’ dividend and conversion terms when the offering is priced.
The Class A sale uses forward sale agreements, so Meta does not expect to receive proceeds from the forward purchasers at the initial sale. The company expects to collect the proceeds as those agreements settle on dates it selects on or before Nov. 19, 2027.
Meta forecast 2026 capital expenditures of $135 billion to $145 billion, including principal payments on finance leases, after raising the lower end from $130 billion on Oct. 21. It reported negative free cash flow of $2.12 billion for the quarter ended Sept. 30, with $82.45 billion in cash, equivalents and marketable securities at quarter-end. Meta reported $97 billion in operating cash flow for the first nine months of 2026. It said cash generated by its existing business will be one source for the buildout, alongside borrowing, equity and strategic partnerships.
The company said it is building four data-center superclusters, each with more than one gigawatt of capacity, and expects its total infrastructure capacity this year to nearly double from 2025. Meta says its AI investments support its apps, personal and business agents, enterprise products and AI glasses.
NVIDIA Corporation, Advanced Micro Devices, Inc. and Broadcom Inc. have given nonbinding indications of interest in purchasing up to $5 billion in total of the Class A shares, Meta said. Chief Executive Mark Zuckerberg said in the company’s third-quarter results release, “Our investments are paying off.”
A separate at-the-market program could sell up to about $60 billion in Class C common stock after those shares begin trading. Meta has not signed an agreement or set the program’s size, timing or terms, and said it may not launch or raise the full amount. The program is not expected to begin before the first quarter of 2027.
