Meta’s October 26, 2026 announcement sets out a financing plan of about $95 billion: the launch of roughly $35 billion in underwritten offerings and a separate, proposed Class C at-the-market program of up to $60 billion. The total describes a fundraising plan, not money Meta has already received. The company says the proceeds would support general corporate purposes, including investment in AI infrastructure and personal superintelligence.
What the $35 billion offering includes
The launched offerings comprise $22.5 billion of Class A common stock offered through forward sale agreements and about $12.5 billion of depositary shares representing Series A mandatory convertible preferred stock.
| Instrument or program | Amount | Structure and timing |
| Class A common stock | $22.5 billion | Offered through forward sale agreements. Meta did not expect initial proceeds from forward purchasers’ sales of the shares, and intended to specify one or more settlement dates on or before November 19, 2027. |
| Series A mandatory convertible preferred stock | About $12.5 billion | Offered as 250 million depositary shares, each representing a 1/20th interest in one preferred share. Meta expected automatic conversion for settlement on or about August 15, 2029, subject to the terms and conditions. The dividend rate and conversion terms were to be set at pricing. |
| Class C common stock ATM program | Up to about $60 billion | Proposed program, separate from the launched offerings. Meta said it had no agreement for it, had not determined its timing, size or terms, and could not assure it would establish the program. It was not expected to begin before the first quarter of 2027, after Class C shares began trading. |
The Class A amount is not the same as cash arriving immediately: Meta said it did not expect initial proceeds from the forward purchasers’ share sales. It intended to set settlement dates by November 19, 2027.
The Class C program and chipmaker interest
NVIDIA Corporation, Advanced Micro Devices, Inc. (AMD), and Broadcom Inc. separately indicated nonbinding interest in buying up to $5 billion combined of the Class A shares. Meta said each company could buy more, less, or none of the shares. The figure is a ceiling on their stated interest, not a purchase commitment.
Meta said the proposed Class C program was not expected to commence before the first quarter of 2027, and only after Class C shares began trading. The company had not entered an agreement for the program when it announced the plan on October 26.
Meta’s spending and cash figures
Meta forecast $135 billion to $145 billion in capital expenditures for 2026. It also reported $97 billion in operating cash flow during the first three quarters of 2026 and about $82 billion in cash, cash equivalents and marketable securities at the end of the third quarter.
The company described its funding mix as operating cash flow, investment-grade debt, strategic partnerships and equity. Meta characterized the announced equity offerings as a complementary source of capital. It also said its AI investments were already contributing to engagement, advertising performance and monetization.
