Meta plans up to $95 billion in stock sales, including new non-voting Class C shares, to fund AI infrastructure

Meta says it plans to raise up to $95 billion through stock sales to fund AI infrastructure. The breakdown is about $22.5 billion from Class A common stock, $12.5 billion from depositary shares tied to a new preferred share (converting to common in August 2029 unless converted earlier), and about $60 billion from ongoing open-market sales of new non-voting Class C shares, which are unlikely to trade before Q1 2027. Nvidia, AMD and Broadcom have reportedly expressed non-binding interest in buying up to $5 billion of stock between them. The extraction does not link the primary document, and the interest from chip suppliers comes via The Information, so that part is second-hand.

The headline is a ceiling, and most of it ($60 billion) depends on a share class that does not yet trade and may not before 2027. It signals that even a very profitable company is now looking to equity markets, not just cash flow and debt, to pay for compute. The non-voting structure lets Meta sell stock while Zuckerberg keeps control, so existing shareholders are diluted in economic terms but gain no extra say. If chip suppliers do buy in, it deepens the circular pattern where vendors help finance a customer's purchases of their own products, which matters to investors judging how real AI demand is.

"Up to $95 billion" reads like committed money, but only the common and preferred pieces look near-term and the rest is a programme that may be drawn slowly or not fully. The Nvidia, AMD and Broadcom interest is non-binding and unconfirmed by the companies in this coverage, so it should not be treated as a deal. The article also says little about the use of proceeds beyond "AI infrastructure", or about why Meta needs equity when it has large cash flows.

1. 01Meta's regulatory filings (prospectus and any SEC documents) confirming the $22.5 billion, $12.5 billion and $60 billion tranches, plus whether the Class C shares are approved and begin trading by Q1 2027.
2. 02Whether Nvidia, AMD or Broadcom confirm any purchase, and at what size, since only up to $5 billion is mentioned and it is non-binding.
3. 03Meta's share price reaction, how much it actually sells in the first two quarters, and any rise in its capital spending guidance that shows where the money is going.