Meta announced two concurrent offerings totaling about $35 billion on October 26, 2026, and described a separate, proposed $60 billion program. Together, the amounts could reach about $95 billion if the future program is established and fully used. The $60 billion plan had no agreement in place, and Meta said there was no assurance it would be established.
What the three financing pieces involve
| Financing component | Amount | Structure and timing |
| Class A common stock | $22.5 billion | Offered through forward-sale agreements, with settlement on dates Meta chooses by November 19, 2027. |
| Depositary shares | About $12.5 billion | 250 million depositary shares representing Series A mandatory convertible preferred stock; conversion for settlement is expected on or about August 15, 2029, subject to the offering’s terms and conditions. |
| Proposed Class C program | About $60 billion | A proposed at-the-market program, meaning shares would be sold into the market. It was not expected to begin before the first quarter of 2027, after Class C trading began. |
The Class A shares are tied to forward-sale agreements, which settle later. Meta said it did not expect to receive initial proceeds from those sales and intended to settle the agreements on dates it selected, no later than November 19, 2027. The depositary shares represent a 1/20th interest in a share of preferred stock.
The two current offerings are independent: completion of either is not conditional on completion of the other. Meta’s filing also described separate 30-day underwriter options for up to $3.375 billion in additional Class A shares and 37.5 million additional depositary shares.
The proposed Class C program is a separate future plan. When Meta described it on October 26, no agreement had been entered into, and its final timing, size and terms were undetermined.
What NVIDIA, AMD and Broadcom indicated
NVIDIA, Advanced Micro Devices (AMD) and Broadcom separately indicated nonbinding interest in buying up to $5 billion of the Class A offering in total. Meta said the companies could each buy more, fewer or no shares. The indicated amount is not a separate financing component on top of the potential $95 billion total.
How Meta says it will fund AI investment
Meta said the offerings would support continued investment in AI infrastructure and personal superintelligence. It also named consumer and business agents, enterprise products and AI glasses as investment opportunities. The company forecast $135 billion to $145 billion in capital expenditures for 2026 and said it planned to fund investment through operating cash flow, investment-grade debt, strategic partnerships and equity.
Meta reported $97 billion in operating cash flow for the first three quarters of 2026. Separately, it reported about $82 billion in cash, cash equivalents and marketable securities at the end of the third quarter. The first figure covers cash generated over nine months; the second is a balance at quarter-end.
