Meta Platforms on Monday announced plans to raise up to USD 95 billion through equity offerings to finance its expanding artificial intelligence infrastructure, including data centres, cloud computing facilities and advanced computing systems.
The Facebook and Instagram parent has launched concurrent public offerings worth approximately USD 35 billion, comprising common shares and depositary shares linked to mandatory convertible preferred stock. It also plans a separate USD 60 billion share sale programme, bringing the potential fundraising total to USD 95 billion.
The announcement comes as major technology companies increase their investments in artificial intelligence infrastructure, raising questions about the enormous capital requirements of developing advanced AI systems and the financial returns such investments can generate.
USD 35 billion initial offering
Under the financing plan, Meta will offer 250 million Series A depositary shares representing interests in newly issued Series A Mandatory Convertible Preferred Stock, valued at approximately USD 12.5 billion.
The company will simultaneously offer USD 22.5 billion of Class A common stock through forward sale agreements.
The two offerings form the initial USD 35 billion component of the broader financing strategy.
Meta is also preparing an at-the-market offering programme of approximately USD 60 billion, which is expected to begin after its planned Class C common stock starts trading.
The company has indicated that the Class C programme could commence in the first quarter of 2027, although its timing, size and final terms have not been determined.
The proposed fundraising will allow Meta to diversify its sources of capital while continuing to expand its AI infrastructure.
AI spending to reach USD 145 billion
Meta expects its total capital expenditure in 2026 to range between USD 135 billion and USD 145 billion, reflecting the growing costs of developing artificial intelligence technologies.
The company said its investments were already delivering measurable benefits through higher user engagement, improved advertising performance and stronger monetisation.
"AI is creating significant opportunities for Meta across its core business and new products and services," the company said in its announcement.
Meta added that it was expanding computing capacity to support its ambition of delivering personal superintelligence to users and businesses worldwide.
The company plans to finance its investments through a combination of operating cash flow, investment-grade debt, strategic partnerships and equity capital.
The financing strategy reflects the scale of infrastructure required to support advanced AI models, including specialised processors, large data centres and extensive cloud computing networks.
Strong revenue and cash position
Despite its substantial investment commitments, Meta reported strong financial performance during the first nine months of 2026.
The company generated USD 97 billion in operating cash flow during the period and held approximately USD 82 billion in cash, cash equivalents and marketable securities at the end of the third quarter.
Its third-quarter revenue increased 26 per cent year-on-year to USD 64.6 billion, while net income stood at USD 9.9 billion.
These figures highlight the financial resources available to Meta as it expands beyond its established social media and digital advertising businesses.
However, the decision to pursue additional equity financing also demonstrates the increasing cost of building and operating large-scale AI infrastructure.
Expansion of AI infrastructure
Meta currently operates data centre facilities across 23 US states and is developing four large computing clusters, each with more than one gigawatt of capacity.
The company expects its overall infrastructure capacity to nearly double during 2026 compared with the previous year.
Its investments include specialised computing chips, data centre expansion and technology designed to improve processing efficiency.
Meta has also introduced its Muse Wonder and Muse Wonder Full AI models, developed to handle complex professional and personal tasks.
The company's Muse platform attracted more than 10 million users across the United States and Canada during its initial rollout phase.
Meta reported 3.64 billion daily users across its family of applications as of September 2026, providing a substantial potential user base for its AI-powered products and services.
Chief Executive Officer Mark Zuckerberg has positioned personal superintelligence as a central part of the company's long-term strategy.
Partnership with BlackRock
Meta has also expanded its AI infrastructure investments through strategic partnerships.
In July, the company secured USD 14 billion in financing alongside BlackRock for a dedicated data centre complex in El Paso, Texas.
Under the arrangement, BlackRock-managed funds hold an 80 per cent interest in the project, while Meta retains the remaining 20 per cent.
The partnership is intended to distribute the financial commitments associated with large-scale infrastructure development.
The latest equity offerings will complement such arrangements by providing additional funding options as Meta continues its expansion.
AI investment faces scrutiny
The announcement comes amid growing investor scrutiny of the technology industry's spending on artificial intelligence.
Although demand for advanced computing capacity continues to rise, the costs of constructing data centres and acquiring specialised processors have placed pressure on corporate cash flows.
Meta's financing plan highlights the extent to which major technology companies are turning to external capital markets to support AI development.
The proposed USD 95 billion fundraising is among the largest equity financing plans announced by a technology company and reflects Meta's determination to expand its position in the rapidly developing AI market.
The company maintains that its investments are generating benefits across its existing businesses while creating opportunities in consumer AI, enterprise applications, digital assistants and AI-enabled devices.
The success of the financing strategy will depend on how effectively Meta converts its expanding computing infrastructure into sustainable revenue and profitability over the coming years.