Meta priced $25 billion in Class A common stock and about $12.5 billion in mandatory-convertible preferred depositary shares on Oct. 27, 2026. The initial offerings total about $37.5 billion. A separate proposed at-the-market (ATM) program of up to $60 billion could bring the potential plan total to $97.5 billion, not an amount already raised.
What Meta priced on October 27
Meta increased the planned Class A offering from $22.5 billion to $25 billion and priced it at $625 per share. It also priced 250 million depositary shares at $50 each. Each depositary share represents one-twentieth of a preferred share, and the preferred stock has a 6.50% annual dividend rate on a $1,000 liquidation preference. Meta estimated about $12.5 billion in proceeds from the preferred offering.
The Class A offering uses forward sale agreements. Meta said it did not expect to receive proceeds from those shares at the outset; the agreements were expected to settle by Nov. 19, 2027, subject to their terms and adjustments. Meta’s pricing announcement describes the priced offerings and their terms.
The proposed ATM program could add up to $60 billion
An at-the-market offering lets a company sell shares into the market. Meta’s Oct. 26 plan proposed a program of up to $60 billion in Class C shares, but Meta said it had no agreement for the program and had not set its terms. The company did not expect it to begin before Class C shares started trading in the first quarter of 2027. Meta’s initial announcement set out that proposal.
| Financing stage | Securities or program | Amount | Terms |
| Initial plan, Oct. 26 | Class A stock and preferred depositary shares | About $35 billion | About $22.5 billion in Class A stock and $12.5 billion in preferred shares |
| Priced offerings, Oct. 27 | Class A stock and preferred depositary shares | About $37.5 billion | $25 billion in Class A stock and about $12.5 billion in preferred proceeds |
| Proposed ATM program | Class C shares | Up to $60 billion | No agreement or set terms; not expected to begin before Class C shares trade in Q1 2027 |
The first plan added about $35 billion in initial offerings to a potential $60 billion ATM program, for a headline total of about $95 billion. The next day, the Class A portion increased by $2.5 billion. Adding the revised $37.5 billion in priced initial offerings to the proposed ATM’s maximum gives a potential total of $97.5 billion.
The earlier $5 billion indication was collective, not per company
Meta said Nvidia, AMD and Broadcom had separately indicated interest in buying up to $5 billion in Class A shares combined, at the same price and terms as other purchasers. Meta described those indications as nonbinding; any of the three companies could buy more, less or no shares. The $5 billion was not a limit for each company.
Those indications were distinct from the later investment announcements. CNBC reported on Oct. 27 that Nvidia would invest $3 billion in Meta’s offering. AMD announced that it would invest $1 billion in the offering on the same date.
The investments accompany separate infrastructure plans
AMD said on Oct. 27 that its initial Helios rack-scale systems were installed and being tested at Meta, ahead of broader deployment. AMD also said Meta had deployed millions of EPYC processors across generations and that EPYC processors support the computing environments behind Muse. CNBC reported that Meta planned to expand Vera Rubin and Vera CPU deployments and deepen its work with Nvidia on Muse.
AMD’s announcement describes its investment and infrastructure partnership with Meta.
