On October 26, 2026, Meta announced a financing plan of up to $95 billion, with the money earmarked for data centers, cloud computing capacity, and AI infrastructure. According to the company, this is not a one-off borrowing, but a staged equity financing arrangement: about $35 billion is being launched now, and an at-the-market program of up to $60 billion could follow in 2027.
The $95 billion is made up of three parts
- Class A common stock sold through forward sales, about $22.5 billion, under forward sale agreements with Morgan Stanley and Goldman Sachs.
- Depositary shares for mandatory convertible preferred stock, about $12.5 billion, part of the public offerings launched immediately.
- An at-the-market program for Class C common stock, up to $60 billion, expected to start after the first quarter of 2027; no agreement has been signed yet and completion is not assured.
Why the chipmakers are at the table too
Meta also disclosed that Nvidia, AMD, and Broadcom have indicated interest in buying up to $5 billion of its Class A common stock, but these are non-binding indications only. What is striking is that these three companies are precisely Meta's main suppliers of data center chips: buyer and seller are sitting at the same table, tying financing to the supply chain. For Meta, this is both financing and reassurance for its supply chain; for the chipmakers, the customer's expansion plan becomes visible order demand.
The bill has grown too large for cash flow alone
The backdrop to the financing is capital expenditure Meta expects to reach $135 billion to $145 billion this year, while the company held about $82.45 billion in cash, cash equivalents, and marketable securities as of September 30, against about $80.92 billion in long-term debt. In other words, cash on hand and current cash flow alone can hardly sustain both data center construction and the model race at the same time, and equity financing has become the way to keep the pace of expansion going. It is worth noting that the $60 billion portion is still only a plan; Meta itself says there is no assurance it will happen. $95 billion is a ceiling, not money already received.
