Meta Platforms announced on Monday the launch of concurrent underwritten public offerings totalling about $35 billion, the largest equity financing step yet in its artificial intelligence buildout. The package has two parts: $22.5 billion of Class A common stock offered in connection with forward sale agreements with Morgan Stanley and Goldman Sachs, and 250 million depositary shares, each representing a twentieth of a share of new Series A mandatory convertible preferred stock, worth about $12.5 billion. The preferred stock carries a liquidation preference of $1,000 a share and converts automatically into common stock for settlement on or about August 15, 2029, with its dividend rate and conversion terms to be set at pricing. Meta will apply to list the depositary shares on Nasdaq under the symbol METAM.
The common stock leg raises no cash at launch. Under the forward sale agreements, Meta will deliver shares and receive the proceeds on settlement dates it chooses on or before November 19, 2027, at the public offering price less underwriting discounts. Underwriters hold 30-day options over a further $3.375 billion of common stock and 37.5 million additional depositary shares. The two offerings are not conditional on each other.
Alongside the underwritten deals, Meta said it plans an at-the-market program of up to $60 billion in its new non-voting Class C shares, to start in the first quarter of 2027 once Class C trading begins. The company has not entered into any agreement for that program and said its timing, size and terms have not been determined, so the full financing plan is $35 billion launched and up to $60 billion contemplated, not $95 billion raised.
Nvidia, Advanced Micro Devices and Broadcom, the three chip suppliers named as cornerstone investors, have indicated interest in buying up to $5 billion of the common stock between them at the offering price. The indications are not binding commitments.
Meta framed the raise against capital spending of $135 billion to $145 billion planned for 2026, to be funded from operating cash flow, investment-grade debt, strategic partnerships and equity. The company generated $97 billion of operating cash flow in the first three quarters of 2026 and held about $82 billion of cash, equivalents and marketable securities at the end of September, against third-quarter revenue of $64.6 billion, up 26 percent year over year, and net income of $9.9 billion. It owns data centres in 23 US states and is building four superclusters of more than one gigawatt each, and says it is on track to nearly double total infrastructure capacity in 2026.