Meta plans up to $95 billion equity raise to fund AI expansion

Meta Platforms plans to raise up to $95 billion through equity offerings as the Facebook parent ramps up spending on artificial intelligence infrastructure and its push into personal superintelligence.

The company on October 26 launched approximately $35 billion of underwritten public offerings, comprising $22.5 billion of Class A common stock and approximately $12.5 billion of depositary shares representing mandatory convertible preferred stock, according to a filing with the US Securities and Exchange Commission (SEC). 

Meta is also planning a separate at-the-market (ATM) programme of up to $60 billion involving its newly created non-voting Class C common stock. The company said the programme is not expected to commence until the first quarter of 2027, after Class C shares begin trading. However, Meta has not entered into an agreement for the programme, and said its “timing, size and terms” have not yet been determined. 

The company said the financing plan is intended to support its investments in AI infrastructure and personal superintelligence. “AI is creating significant opportunities for Meta across its core business and new products and services,” the company said in the filing, adding that its AI investments are “already generating tangible returns through increased engagement, improved advertising performance and increased monetization.”

Meta expects $135-145 billion capex in 2026

Meta expects capital expenditure of $135 billion to $145 billion in 2026 as it expands the infrastructure and computing capacity required for its AI ambitions.

“Meta is investing to expand the infrastructure and compute capacity needed to support these opportunities and to bring personal superintelligence to billions of people and businesses,” the company said.

The company said it plans to fund those investments through “a balanced mix of operating cash flow, investment-grade debt, strategic partnerships, and equity capital.” Meta generated $97 billion in operating cash flow during the first three quarters of 2026 and had approximately $82 billion in cash, cash equivalents and marketable securities at the end of the third quarter.

Meta’s AI spending extends beyond its existing social media platforms. The company said its investments are supporting personal and business AI agents, enterprise products and AI glasses.

The filing said more than 2 million businesses use Meta’s Business Agent weekly, while users have more than 30 million conversations with Business Agents every week. Meta also said WhatsApp is “becoming an increasingly important platform for agents.”

Meta is also expanding the physical infrastructure behind its AI push. The company said it owns data centres in 23 US states, is building four superclusters with more than one gigawatt of capacity each and is on track to nearly double its total infrastructure capacity in 2026 from a year earlier.

The company’s third-quarter revenue reached $64.6 billion, up 26% year-on-year, while net income stood at $9.9 billion, according to the filing.

The $95 billion figure, however, should not be interpreted as money Meta is raising immediately. Around $35 billion relates to the current offerings, while the remaining $60 billion represents a proposed future ATM programme that Meta may establish after its Class C shares begin trading. The company explicitly said there is “no assurance” that the ATM programme will be established on the terms described, or at all.