Meta seeks $95 billion capital raise to fund unprecedented AI infrastructure spending

Meta Platforms has announced a plan to raise up to $95 billion to finance its aggressive expansion in artificial intelligence, marking one of the largest capital raises in tech history. The company intends to fund this through a combination of public stock offerings and a new equity structure designed to preserve founder control.

Capital Structure Changes

To facilitate this funding without diluting Mark Zuckerberg’s voting power, Meta is introducing Class C shares, which carry no voting rights. This move allows the company to sell significant equity stakes while maintaining Zuckerberg’s absolute control over corporate decisions. The strategy includes:

• A direct public offering of approximately $35 billion, comprising $22.5 billion in Class A common stock and $12.5 billion in convertible preferred securities.
• An At-The-Market (ATM) program targeting up to $60 billion through the sale of newly created Class C shares, expected to begin trading in early 2027.

Investor Interest and Financials

Major semiconductor firms have signaled interest in the transaction. Nvidia, AMD, and Broadcom have individually expressed intent to purchase up to $5 billion worth of the Class A shares offered in the public deal, though these are non-binding expressions of interest Source: El País.

This capital injection addresses Meta’s soaring operational costs. The company revised its 2026 capital expenditure forecast upward to a range of $135–145 billion, driven by the need for data centers and computing chips Source: El Mundo. Despite these massive outlays, Meta reported strong third-quarter results, with net income rising 264% to $9.86 billion and revenues increasing 26% to $64.6 billion Source: El Mundo. The firm plans to balance this equity raise with its existing cash reserves of approximately $82 billion and operational cash flow generated so far in 2026 Source: El País.