Meta said on Monday, October 26, that it plans to raise up to $95 billion in equity, its largest-ever fundraising, to pay for AI data centers and what it calls superintelligence, Reuters reports. The company has launched underwritten public offerings worth about $35 billion in common and preferred stock, and plans a separate at-the-market program worth up to $60 billion once its new non-voting Class C shares begin trading, expected in the first quarter of 2027, though timing and terms for that second program are not final.

The first tranche splits into about $12.5 billion of depositary shares representing mandatory convertible preferred stock and about $22.5 billion of Class A common stock offered through forward sale structures. At Friday's $642.62 close, selling the full $95 billion would mean roughly 148 million new shares, about 5.8 percent dilution — in a new share class that carries no votes, leaving Mark Zuckerberg's entities with about 56.1 percent of the voting power. Nvidia, AMD and Broadcom have shown interest in up to $5 billion in total for Class A shares, which Reuters notes adds to concerns about circular capital flows, with chip suppliers financing one of their biggest customers.

The raise reverses Meta's usual direction of travel: it bought back $26.3 billion of stock in the first nine months of 2025 and none in the same stretch of 2026, borrowed $24.9 billion this year, and posted negative free cash flow of $2.12 billion in the third quarter, against capital spending guidance of $135 billion to $145 billion for 2026. Meta's shares fell about 1.4 percent in morning trading. The company said the money supports momentum across its core business and AI opportunities, including Muse, which passed 10 million accounts in its first weeks.