Meta launches about $35 billion of equity offerings to fund AI infrastructure

Meta launched about $35 billion of underwritten equity offerings on 26 October 2026. The company sent the announcement through PR Newswire at 6:58 a.m. ET and said the offerings support investment in AI infrastructure and personal superintelligence, funded by a mix of operating cash flow, debt, partnerships and equity [1].

What is in the $35 billion launch?

The underwritten piece is about $22.5 billion of Class A common stock, offered through forward sale agreements with Morgan Stanley and Goldman Sachs, and about $12.5 billion of depositary shares [1]. Meta expects to grant the common-stock underwriters a 30-day option for an additional $3.375 billion of Class A shares [1].

Meta is offering 250 million depositary shares, each representing 1/20 of a share of Series A mandatory convertible preferred stock, with a liquidation preference of $1,000 per preferred share [1]. Unless converted earlier, the preferred stock converts on or about 15 August 2029 [1]. Meta intends to list the depositary shares on Nasdaq under the symbol METAM, and the dividend rate and conversion terms are set at pricing [1]. The depositary-share underwriters have a 30-day option for up to 37.5 million additional depositary shares [1].

When does Meta receive the forward cash?

Meta does not expect to receive any proceeds at the start from the Class A shares sold by the forward purchasers [1]. It intends to deliver the shares and take cash on one or more dates it chooses on or before 19 November 2027 [1]. Net proceeds from the depositary shares, and later from the forwards, are for general corporate purposes [1]. The two offerings are not conditioned on each other [1].

What is the $60 billion program?

A planned at-the-market program of about $60 billion in Class C stock has no agreement yet. Meta said it would sell Class C stock after trading starts, not before the first quarter of 2027, and that the timing, size and terms are unset [1]. The non-voting Class C stock from 21 October 2026 is at trends/meta-creates-non-voting-class-c-shares-to-fund-ai-push. After it is issued, the preferred shares and the forwards can reference Class C, and the forwards can in some cases settle in Class C only [1].

Who indicated interest in the Class A shares?

Nvidia, AMD and Broadcom indicated non-binding interest in up to $5.0 billion of the Class A shares. The three companies indicated that interest severally, not jointly, at the same price and terms as other buyers, and any of them may buy more, fewer, or no shares [1].

What figures did the release repeat?

Meta expects 2026 capital expenditures of $135-145 billion [1]. It generated $97 billion of operating cash flow in the first three quarters of 2026 and held about $82 billion of cash, cash equivalents and marketable securities at the end of the third quarter [1]. The release cites Aa3/AA- credit ratings [1]. Third-quarter 2026 revenue was $64.6 billion, up 26% year over year, and net income was $9.9 billion [1].

Meta said it owns data centers in 23 US states and is building four superclusters of more than 1 gigawatt each [1]. It said Muse had onboarded more than 10 million users in the US and Canada, and it described Muse Wonder as its first frontier model [1].

Meta filed an automatic shelf registration with the SEC the same morning [2]. The release tells investors to read the prospectus in that registration statement on EDGAR before they invest [1].

Our read

Opinion: The $35 billion is a launched offering, and the $60 billion is a plan Meta says is not agreed and may not happen. Cash from the Class A forwards arrives only when Meta settles them, on or before 19 November 2027, and the preferred dividend and conversion terms are still set at pricing. The release states dollar amounts for the Class A piece, not a share count, because the price is set at pricing.

What we could not verify

• The dividend rate and the conversion terms. The release says both are determined at pricing.
• Whether Nvidia, AMD or Broadcom buy any shares. The indications of interest are not binding.
• Whether the at-the-market program is established, and any size, timing or terms. Meta said it has no agreement.
• A share-price move. This story does not report one.
• How much cash Meta will raise after discounts and expenses. The release states the offering sizes and says net proceeds go to general corporate purposes.