On October 26, 2026, Meta announced a potential financing plan of about $95 billion, while SpaceX announced a binding commitment to enter an approximately $40 billion GPU finance lease. Their roughly $135 billion combined headline adds up unlike arrangements at different stages. It is not a tally of completed proceeds.
What the $135 billion headline includes
| Company | Instrument and amount | Status announced October 26 | Stated purpose and timing |
| Meta | About $35 billion in underwritten offerings | Offerings announced | About $22.5 billion in Class A common stock and $12.5 billion in depositary shares representing Series A mandatory convertible preferred stock |
| Meta | Proposed approximately $60 billion at-the-market program in Class C common stock | No agreement in place; establishment not assured | A potential additional source of equity financing |
| SpaceX | Approximately $40 billion master finance lease for GPUs and related equipment | Binding commitment, subject to closing conditions; closing expected before the end of 2026 | NVIDIA Vera Rubin GPUs for terrestrial computing; equipment delivery and lease schedules expected to begin in the first half of 2027 |
Meta’s roughly $95 billion figure combines the announced offerings with its proposed ATM program. Meta said it had not entered an agreement for that program, and its terms, timing and size were undetermined. The company also said it could not assure the program would be established or shares sold.
The Class A offering uses forward sale agreements. Meta said it did not expect initial proceeds from shares sold by forward purchasers, with cash expected upon later settlement of those agreements.
SpaceX’s commitment is for computing equipment
SpaceX described its transaction as a binding commitment to enter a master finance lease, not a completed lease. The company said the lease remained subject to closing conditions and was expected to close before year-end 2026. GPU lease schedules were expected to begin as equipment was delivered in the first half of 2027.
The planned hardware is next-generation NVIDIA Vera Rubin GPUs and related equipment for SpaceX’s terrestrial compute buildout. Apollo and Goldman Sachs led the financing parties, and Goldman Sachs was the sole structuring agent. Funds and accounts managed by BlackRock and Goldman Sachs Asset Management, along with capital accounts advised by KKR, made anchor commitments.
The spending forecasts and chipmaker interest are separate figures
Meta expected capital expenditures of $135 billion to $145 billion in 2026. That is the company’s forecast for its capital spending, not the amount of its equity plan. Meta said it intended to fund investment through operating cash flow, investment-grade debt, strategic partnerships and equity capital.
NVIDIA, AMD and Broadcom separately indicated nonbinding interest in buying up to an aggregate $5 billion of Meta Class A shares. Meta said any of the three could buy more, less or no shares; the amount was not $5 billion per company.
