Meta's Upsized $25 Billion Share Sale Draws Fivefold Oversubscription Demand

Meta Platforms Inc.'s upsized $25 billion common stock offering drew demand at roughly five times the shares available, with the sale pricing at $625 per share—a 2.7% discount to Friday's close before the offering was announced. The stock was the offering's first leg in a broader $98 billion equity financing plan. More than half the shares went to long-only and existing investors, and the 15 largest participants took about 70% of the offering, people familiar with the deal said. Morgan Stanley and Goldman Sachs worked on the sale. Meta's shares fell as much as 1.4% to $621.47 on Tuesday in New York. The plan also includes a $12.5 billion mandatory convertible preferred offering, which was likewise multiple times oversubscribed, and an expected at-the-market share program. The company said it will direct the proceeds toward AI infrastructure and personal superintelligence, citing its Muse AI agent and Muse Wonder model. At $98 billion, the financing ranks among the largest equity raises in history. Meta did not immediately comment.