Meta launches about $35 billion in equity offerings to help fund AI buildout

Meta opened roughly $35 billion of underwritten offerings on October 26, 2026, split between Class A common stock and mandatory convertible preferred depositary shares, with a further roughly $60 billion at-the-market share program planned for a later start. For long-term holders this is a material shift toward external equity funding alongside rising capital spending, which the company now puts at $135 billion to $145 billion for 2026. The company will receive common-stock proceeds only when forward-sale agreements settle, and the at-the-market program's timing, size and terms were not yet finalized. Nvidia, AMD and Broadcom have also indicated nonbinding interest in buying up to $5 billion of Class A shares collectively. Meta's free cash flow was negative $2.12 billion in the third quarter, against about $82 billion of cash and marketable securities at the end of September.

1. Offerings of about $35 billion: roughly $22.5 billion of Class A common stock and $12.5 billion of mandatory convertible preferred depositary shares.
2. A further at-the-market program of about $60 billion could begin in early 2027 and would sell Class C shares; terms are not finalized.
3. Proceeds from the common-stock portion arrive when forward-sale agreements settle, not immediately.
4. Nvidia, AMD and Broadcom have expressed nonbinding interest in buying up to $5 billion of Class A shares collectively.
5. Meta guided 2026 capital expenditures to $135 billion to $145 billion.
6. Third-quarter free cash flow was negative $2.12 billion; cash, equivalents and marketable securities were $82.45 billion at quarter end.