Meta Platforms unveiled an equity financing plan on October 26, 2026, comprising approximately US$35 billion in public offerings and a future at-the-market share sale programme of up to US$60 billion to support its expanding AI business.

The public offerings comprise approximately US$22.5 billion of Class A common stock and US$12.5 billion of depositary shares representing interests in mandatory convertible preferred stock. The common stock offering involves forward sale agreements with Morgan Stanley and Goldman Sachs, with Meta expecting to receive proceeds upon future settlement rather than when the forward purchasers or their affiliates initially sell the shares.

The separate at-the-market programme would follow the trading debut of Meta’s new non-voting Class C shares, expected in the first quarter of 2027, although the programme’s timing and terms remain undecided. Such programmes allow companies to sell shares gradually at prevailing market prices, rather than completing a single large offering at a fixed price.

Nvidia, AMD and Broadcom have expressed interest in purchasing up to US$5 billion of Class A common stock collectively, although those indications are not binding purchase commitments.

Meta expects capital expenditure of US$135 billion to US$145 billion in 2026 and reported US$97 billion in operating cash flow for the first nine months, alongside approximately US$82 billion in cash and other liquid assets at the third quarter’s end. The company said it would combine operating cash flow, investment-grade debt, strategic partnerships and equity capital to fund investment, with Morgan Stanley and Goldman Sachs acting as lead joint bookrunning managers for the public offerings.