Meta's $25B Common Stock Offering Draws 5x Oversubscription Within $98B Equity Financing Plan

Meta Platforms Inc. (META) drew roughly five times the offering size in demand for its $25 billion common stock sale, part of a broader $98 billion equity financing program, with more than half of shares allocated to long-term holders and existing shareholders. The shares were priced at $625 each, a 2.7% discount to the prior Friday's close. The stock fell 1.64% on Tuesday to $620, closing below the offering price. The 15 largest investors received about 70% of the allocated shares. Meta's $12.5 billion mandatory convertible preferred offering also attracted demand several times its size. Morgan Stanley and Goldman Sachs are underwriting. Proceeds will fund AI infrastructure and personal superintelligence development. The full program also includes a planned at-the-market offering, and the new issuance will dilute existing shareholders.