Meta announced on Monday (26) a plan to raise up to US$ 95 billion through the issuance of shares, in the largest equity fundraising in its history. The company has begun offerings totaling approximately US$ 35 billion and intends to raise another US$ 60 billion in a future stage to support its investments in artificial intelligence.
The first stage includes US$ 22.5 billion in Class A common stock and about US$ 12.5 billion in securities representing mandatory convertible preferred stock. The financing is part of the strategy to expand data centers, computing capacity and the infrastructure needed to develop AI models and products.
Chipmakers Nvidia, AMD and Broadcom have expressed interest in jointly acquiring up to US$ 5 billion in Meta shares. The indications are non-binding, so none of the companies is obligated to complete the purchase.
The transaction also has a financial particularity: Meta will not immediately receive the funds related to the Class A share offering. This portion involves forward sale contracts, whose settlement may occur by November 2027.
New shares will allow raising funds without altering voting power
The second stage, estimated at US$ 60 billion, will use Class C shares, a new non-voting category approved by the company in October. The structure allows expanding the fundraising without proportionally diluting the voting control of current shareholders, including founder and CEO Mark Zuckerberg.
The program is expected to begin, if implemented, in the first quarter of 2027. However, Meta has not yet defined its final terms and acknowledges that there is no guarantee of execution or of the full sale of the planned shares.
The need for financing tracks the growth in AI expenses. The company projects capital investments of between US$ 135 billion and US$ 145 billion in 2026, aimed mainly at expanding technology infrastructure.
Despite generating US$ 97 billion in operating cash in the first nine months of the year, Meta recorded negative free cash flow of US$ 2.12 billion in the third quarter, against a positive result of US$ 10.63 billion in the same period of 2025.
The company ended September with approximately US$ 82.45 billion in cash, cash equivalents and marketable securities. To finance its expansion, it intends to combine operating cash generation, debt issuance, strategic partnerships and shareholder capital.
According to Meta, AI investments are already helping to improve content recommendations, engagement and advertising performance. The company is also seeking new sources of revenue with intelligent assistants, advanced models and enterprise solutions, although the funds from the offerings are not formally tied exclusively to these projects.
