Meta plans up to $95 billion in stock offerings to fund AI infrastructure and 'personal superintelligence'

Meta Platforms, the owner of Facebook, Instagram and WhatsApp, said on Oct. 26 it plans to raise up to $95 billion through stock offerings to fund its investment in AI infrastructure and what it calls "personal superintelligence."

According to the company's announcement and CNBC, the plan has two parts. Meta will first launch roughly $35 billion of underwritten public offerings, comprising $22.5 billion of Class A common stock and $12.5 billion of depositary shares representing mandatory convertible preferred stock. It then plans a $60 billion at-the-market program to sell new stock at prevailing prices over time.

Chipmakers Nvidia, AMD and Broadcom have indicated interest in buying up to $5 billion of shares in total, Meta said. The Guardian reported that the at-the-market program will use Meta's new non-voting Class C shares, announced last week, so the sales will not dilute Mark Zuckerberg's control of the company.

Meta expects $135 billion to $145 billion of capital expenditures in 2026. It is building four "superclusters" of more than 1 gigawatt each and says it is on track to nearly double its total infrastructure capacity this year. The company generated $97 billion of operating cash flow in the first three quarters of 2026 and held about $82 billion in cash and marketable securities at the end of the third quarter. It said it will fund its investments through a balanced mix of operating cash flow, investment-grade debt, strategic partnerships and equity.

Meta shares fell about 1.6% in morning trading after the announcement, CNBC reported. The move "reflects the eye-watering levels of investment required to keep up in the AI arms race," said Ben Wood, senior partner at CCS Insight. Goldman Sachs estimates AI-related capital spending could total about $7.6 trillion from 2026 through 2031 across compute, data centers and power.

The announcement came a day after Elon Musk warned that most of the 200-plus "neocloud" firms that rent out AI computing capacity face "death and consolidation" as debt markets shut them out, highlighting a widening gap between cash-rich tech giants and smaller AI infrastructure players.

---

Sources: CNBC, Meta, The Guardian. Image: Reuters (via CNBC).