Meta announces $95 billion stock offering to finance AI expansion

Meta announced on Monday plans to raise a total of $95 billion to fund AI infrastructure and superintelligence investments, and its premarket shares rose 1.6% after the news was announced. The financing comes in two steps: first, $35 billion through an underwritten public offering, then $60 billion through an at-the-market program; Meta said Nvidia, AMD and Broadcom intend to subscribe for up to $5 billion of shares. The funds will support emerging AI opportunities including its family of apps, the AI agent Muse and its data center business. Meta's third-quarter results announced last week showed revenue up 26% year over year to $64.60 billion, but free cash flow was negative, and its full-year capital expenditure forecast was raised to $135 billion to $145 billion; the company is building four superclusters each with more than 1 gigawatt of capacity, and expects total infrastructure capacity to nearly double year over year in 2026.