Meta Platforms said Monday it plans to raise up to $95 billion by selling stock. It is the largest equity fundraising in the company’s history.
The plan has two parts. Meta has launched public offerings worth about $35 billion in common and preferred stock. It also plans a separate at-the-market share sale program worth up to $60 billion.
How the $95 billion breaks down
The first piece is the traditional route. Meta launched roughly $35 billion in public offerings, split between common shares and convertible preferred stock.
Convertible preferred stock is a hybrid. Buyers get a security that sits above common shares in priority and can later convert into ordinary equity.
The second piece is less flashy but potentially bigger. An at-the-market, or ATM, program lets a company drip new shares into the open market over time instead of selling a giant block all at once.
According to the research findings, that up to $60 billion ATM program is tied to a new class of stock. Meta plans to introduce non-voting Class C common shares, with the program expected to follow in the first quarter of 2027.
Those Class C shares are set to be distributed in January 2027. The structure effectively works like a two-for-one stock split, according to the same findings.
The Zuckerberg control question
The Class C design is the quietly clever part. New shares carry no votes, so Meta can raise enormous sums without watering down Mark Zuckerberg’s voting power.
Spending on a scale that needs explaining
The raise lands alongside a revised outlook for capital expenditures. Meta now expects 2026 capex of $135 billion to $145 billion, reflecting heavier investment in data centers, chips and AI systems.
The longer horizon is even larger. The research findings put Meta’s future investment commitments at approximately $825 billion, mostly aimed at AI infrastructure.
Capex in the third quarter alone reached $34.9 billion, which pushed free cash flow into negative territory.
The earnings backdrop
Meta’s core business is not the problem. Third-quarter revenue came in at $64.6 billion, topping estimates by about $1.23 billion.
The company is also pointing to early traction in consumer AI. Its AI agent, Muse, passed 10 million users in the US and Canada within six weeks of launch.
The pivot marks a clear shift in priorities. Meta has moved its emphasis away from earlier metaverse projects toward advanced AI models and the infrastructure behind them.
What this means for shareholders and Big Tech
The most immediate impact is dilution. Issuing up to $95 billion in new stock means existing shareholders will own a smaller slice of the company, though the non-voting structure limits the effect on governance.
The ATM program adds an ongoing wrinkle. Because those shares can be sold gradually starting next year, the market may have to absorb new Meta supply over an extended stretch.
Key dates to watch include the Class C distribution in January 2027 and the expected start of the ATM program in the first quarter of that year.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.