The Pulse
Meta Launches $35B in Offerings, Plans $60B Share Program
Meta announced about $35 billion in underwritten stock offerings and outlined a separate, uncommitted $60 billion at-the-market program. The company said it expects $135 to $145 billion in capital expenditures in 2026 as it expands AI infra
AI.info Team · Written with AI · fact-checked ·
Meta announced on October 26, 2026, that it is launching about $35 billion in stock offerings to support investment in AI infrastructure and personal superintelligence. The package combines $22.5 billion in Class A common stock offered through forward sale agreements with about $12.5 billion in depositary shares representing mandatory convertible preferred stock. Meta also outlined a potential $60 billion at-the-market share program, but says it has not agreed to establish that program and has not set its terms.
Two offerings, with cash arriving on different schedules
The Class A offering is structured around forward sale agreements with Morgan Stanley Capital Services and Goldman Sachs. Meta says it does not expect to receive proceeds initially from the shares sold by the forward purchasers or their affiliates. Instead, Meta expects to deliver shares and receive cash when the agreements settle on dates it selects no later than November 19, 2027; the company says it will use those proceeds for general corporate purposes.
The preferred-stock portion consists of 250 million depositary shares, each representing a one-twentieth interest in a share of Series A mandatory convertible preferred stock. Meta expects to give underwriters a 30-day option to buy an additional 37.5 million depositary shares, while the Class A offering has a separate 30-day option for up to $3.375 billion in additional shares. Meta says proceeds from the preferred offering will also go to general corporate purposes.
The $60B plan is not yet an offering
Meta’s financing outline includes a planned at-the-market program of about $60 billion in Class C common stock. The company says it expects the program to begin after Class C shares start trading, with the release specifying that sales are not expected before the first quarter of 2027. Meta has not entered into an agreement for the program, and says its timing, size and terms remain undetermined; it also gives no assurance that it will establish the program or sell shares under it.
For the Class A offering, Nvidia, Advanced Micro Devices and Broadcom have each indicated interest in buying shares, with their combined interest reaching up to $5 billion. Meta stresses that those indications are not binding commitments: each company may buy more, less or nothing, and underwriters may sell them a different amount or no shares.
Meta forecasts up to $145B in 2026 capital spending
Meta expects $135 to $145 billion of capital expenditures in 2026 as it expands computing infrastructure for its AI products and services. Meta says it generated $97 billion in operating cash flow during the first three quarters of 2026 and held about $82 billion in cash, cash equivalents and marketable securities at the end of the third quarter. It says it intends to fund investment through operating cash flow, investment-grade debt, strategic partnerships and equity.
Meta reported third-quarter revenue of $64.6 billion, up 26% year over year, and net income of $9.9 billion. It also said it owns data centers in 23 U.S. states and is building four superclusters, each with more than one gigawatt of capacity. The figures set the scale of the infrastructure push the company says the fundraising will support, though the release assigns proceeds to general corporate purposes rather than earmarking them for specific AI projects.
Conversion terms and funding remain unsettled
The preferred shares are expected to convert around August 15, 2029, into a variable number of common shares. Meta says the conversion could involve Class C shares if that class is issued and other conditions are met; the dividend rate and conversion terms will be set when the offering is priced. The company intends to seek a Nasdaq listing for the depositary shares under the symbol METAM.
The announcement pairs an immediate public offering plan with later financing that is still conditional. The Class A shares are sold through forward agreements whose cash proceeds come at settlement, while the $60 billion Class C program remains uncommitted. The announced underwritten offerings total about $35 billion; the separate $60 billion program is still only planned.