Meta plans $95 billion in stock sales for AI buildout

What was announced?

Meta said on Monday it plans to raise a total of $95 billion for AI infrastructure and superintelligence (CNBC). It will first raise $35 billion through underwritten public equity offerings, then another $60 billion through an at-the-market program that sells shares gradually. Meta said Nvidia, AMD and Broadcom were interested in buying up to $5 billion of the shares.

Meta says the money supports its family of apps, its AI agent Muse and its data center business. It plans to fund these investments through a mix of operating cash flow, investment-grade debt, partnerships and equity.

What is behind it?

Last week's quarterly report showed revenue up 26 percent to $64.6 billion, but investors focused on negative free cash flow and a higher spending plan. Meta now expects full-year capex of $135 billion to $145 billion. It is building four superclusters of more than 1 gigawatt each and expects to nearly double its infrastructure capacity in 2026. The stock fell 1.6 percent in morning trading after the announcement.

Why it matters

Hyperscalers are now funding the AI buildout with new equity as well as debt and cash flow: SpaceX closed a $40 billion GPU debt deal and Anthropic is preparing an IPO. It is also telling that chipmakers are buying in: by financing their customers, they help secure their own demand.