Meta launched about $35 billion in stock offerings and outlined a separate program of up to $60 billion on October 26 to support its AI infrastructure expansion.
The company’s announcement divides the initial package into $22.5 billion of common stock offered through forward sale agreements and about $12.5 billion of depositary shares representing mandatory convertible preferred stock.
The larger, planned $60 billion program would sell Class C shares after that new stock begins trading. Meta does not expect the program to begin before the first quarter of 2027. Its timing and terms remain unsettled.
The common-stock offering also has a delayed cash timetable. Meta expects no initial proceeds from those sales; it intends to receive cash through future settlement of the forward agreements, on or before November 19, 2027.
Nvidia, AMD and Broadcom have expressed nonbinding interest in buying up to $5 billion collectively within the common-stock offering. That amount is part of the package, rather than another $5 billion on top.
Reuters reported that Meta’s third-quarter free cash flow was negative $2.12 billion, compared with positive $10.63 billion a year earlier. The company’s 2026 capital-spending forecast is $135 billion to $145 billion. At September 30, Meta held $82.45 billion in cash, cash equivalents and marketable securities against $80.92 billion in long-term debt.
