Meta priced a $25 billion Class A common share offering at $625 per share to support artificial intelligence infrastructure, with proceeds expected only after its forward sale agreements settle.
Morgan Stanley Capital Services LLC and Goldman Sachs & Co. LLC, acting as forward purchasers, agreed to place 40 million shares with underwriters. The purchasers, or their respective affiliates, may borrow shares from third parties to complete the transactions. Meta said the initial transaction would bring it no proceeds; it expects about $24.9 billion, before expenses, when the agreements settle.
Meta expects the offering to close Oct. 29, subject to conditions. It plans to issue and deliver shares on one or more settlement dates, with settlement due by Nov. 19, 2027. This arrangement separates the underwriters’ initial purchase from Meta’s later share delivery and receipt of cash.
The pricing updates Meta’s initial $35 billion stock plan, announced Oct. 26. That plan included $22.5 billion in Class A common stock and $12.5 billion in depositary shares representing Series A mandatory convertible preferred stock. With the Class A offering priced at $25 billion, the two offerings total about $37.5 billion. The $35 billion figure refers to the initial plan before the Class A pricing changed. Meta said the fundraising is intended to support AI infrastructure.
Meta’s Oct. 21 results put 2026 capital spending at $135 billion to $145 billion, counting principal payments on finance leases. Binance identifies METAUSDT as a perpetual equity contract that tracks Meta shares on Nasdaq, remains available 24 hours a day and uses Tether (USDT) for settlement. As an instrument comparison, the $625 figure is the offering price for a share, while METAUSDT refers to a separate contract.
