Meta wants up to $95bn in new equity to keep feeding AI

The plan splits into roughly $35 billion in an underwritten public offering, split between $22.5 billion of Class A common stock and $12.5 billion of preferred depositary shares, plus up to $60 billion through an at-the-market programme using new nonvoting Class C shares due to trade from early 2027. Meta is already guiding to $135 billion to $145 billion in capital expenditure this year, and equity issuance at this scale signals that cash flow and debt alone no longer cover the bill. Nvidia, AMD and Broadcom have reportedly expressed interest in up to $5 billion of the shares combined, which would tie three of Meta's own chip suppliers financially to its AI build-out. The stock fell about 1% on the announcement, a modest reaction given the size of the dilution being proposed.