Meta Platforms announced plans on October 26, 2026, to raise up to $95 billion in equity to help fund data centres, cloud computing and other infrastructure for its artificial intelligence expansion. The Meta equity raise begins with $35 billion in concurrent public offerings, while a further roughly $60 billion offering is planned for the future.

Key Takeaways

  • The initial offerings comprise approximately $12.5 billion in depositary shares and $22.5 billion in Class A common stock tied to forward sale agreements.
  • The planned $60 billion at-the-market offering would begin when Meta’s planned Class C common stock starts trading.
  • Meta expects total capital expenditures of $135 billion to $145 billion in 2026.

How the Meta equity raise is structured

Meta announced concurrent underwritten public offerings of 250 million Series A depositary shares and Class A common stock tied to forward sale agreements. The depositary shares represent interests in newly issued Series A Mandatory Convertible Preferred Stock and are valued at approximately $12.5 billion; the Class A offering accounts for another $22.5 billion.

The company is also preparing an at-the-market offering of roughly $60 billion once its planned Class C common stock begins trading. That future offering, together with the initial tranche, would bring the proposed equity financing to as much as $95 billion. The announcement did not say the offerings had been completed.

Infrastructure spending and funding

Meta said it plans to fund its spending through operating cash flow, investment-grade debt, strategic partnerships and equity markets. It reported $97 billion in operating cash flow for the first nine months of 2026 and held $82 billion in cash and marketable securities at the end of the third quarter.

The company said it operates data facilities in 23 US states and is building four gigawatt-scale superclusters to nearly double its total computing capacity over the year. In July, Meta and BlackRock secured $14 billion for a data centre complex in El Paso, Texas. BlackRock-managed funds hold an 80% interest in the project, with Meta retaining 20% under a shared cost commitment.

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