Meta Platforms has launched a dual-track equity offering aimed at raising approximately $35 billion to fund its AI infrastructure. The company is issuing 250 million Series A depositary shares at $50 each, totaling $12.5 billion. These shares carry a liquidation preference of $50 and are scheduled to convert into Class A common stock on August 15, 2029.
The second component involves $22.5 billion in Class A common stock sold through forward sale agreements, underwritten by Morgan Stanley and Goldman Sachs. Underwriters have a 30-day option to purchase an additional 37.5 million shares. This financing covers roughly one-quarter of Meta’s projected 2026 AI infrastructure costs, which range between $135 billion and $145 billion.
Looking ahead, Meta plans a potential additional offering of $60 billion in Class C common stock, expected to launch in the first quarter of 2027. If completed, the company's total equity financing program could reach $95 billion. The current structure is designed to manage dilution by staggering the issuance of new shares over time.
