● Total sought: up to $95 billion
● Underwritten offerings: about $35 billion
● At-the-market program: about $60 billion, new non-voting Class C shares
● Cornerstone interest: Nvidia, AMD and Broadcom, up to $5 billion
● 2026 capex guidance: $135 billion to $145 billion
Meta is preparing to raise as much as $95 billion through new stock offerings to fund its AI operations. The split is roughly $35 billion through underwritten public offerings and about $60 billion through an at-the-market program using newly created non-voting Class C shares. The plan is not yet completed.
The detail that stands out is who may buy. Nvidia, AMD and Broadcom have expressed interest as cornerstone investors, potentially taking up to $5 billion in stock. Chip vendors funding a customer's equity raise, where that customer's capital expenditure flows back to those same vendors, is a circularity worth watching rather than assuming is improper.
For scale: Meta reported $64.6 billion in quarterly revenue, and its 2026 capital expenditure is expected to land between $135 billion and $145 billion. The raise is roughly two-thirds of a single year's capex.
Sources
Tech Startups daily brief.