Meta Plans Up to $95 Billion Equity Raise for AI Buildout; Nvidia, AMD, Broadcom Signal Interest

Meta Platforms (META) said October 26 it plans to raise up to roughly $95 billion in stages to fund AI data centers and computing infrastructure. The company has launched an approximately $35 billion public offering and plans a market-sale program of up to $60 billion in new Class C shares after they begin trading, expected as early as the first quarter of 2027. The offering comprises about $22.5 billion of Class A common stock and about $12.5 billion in depositary shares representing mandatory convertible preferred stock. The common shares use a forward sale arrangement, meaning Meta will not receive proceeds at the initial sale but expects funds at later settlement, by no later than November 19, 2027, subject to contract adjustments. Preferred dividend and conversion terms will be set at pricing. Nvidia, AMD and Broadcom have signaled intent to subscribe for up to $5 billion of Class A shares combined at the same price and terms as other investors, though the indications are non-binding. Meta said it will fund the buildout with operating cash flow, investment-grade debt, strategic partnerships and equity. The company currently operates data centers in 23 U.S. states and is building four computing clusters each exceeding 1 GW.