Meta increased the common-stock portion of its fundraising on Oct. 27, bringing its two current offerings to $37.5 billion. A separate at-the-market program of about $60 billion remains only a proposal, so the company’s potential combined financing plan could reach $97.5 billion—but that is not money already raised or a guaranteed target. [1] [2]

What Meta is raising

The initial Oct. 26 launch paired $22.5 billion in Class A common stock, offered through forward sale agreements, with $12.5 billion in depositary shares representing mandatory-convertible preferred stock. Reuters reported the next day that Meta increased the common-stock amount to $25 billion and priced the preferred depositary shares at $50 each. The two offerings therefore total $37.5 billion before any underwriter options. [1] [2]

The common-stock portion uses forward sale agreements. Meta said it does not expect to receive the proceeds immediately from the underwriters’ share sales; proceeds would come when the agreements are later settled. The company expects settlement on dates it selects, no later than Nov. 19, 2027. The preferred shares are designed to convert into common shares later, subject to the terms in the offering documents. [1]

The proposed $60 billion program

Meta also outlined an at-the-market, or ATM, program for about $60 billion, expected after its Class C common stock begins trading. The company said it had not entered an agreement for the program and had not determined its timing, size or terms. It also cautioned that it may not establish the program at all. Adding that proposed amount to the current $37.5 billion offerings produces the potential $97.5 billion headline. [1] [3]

Why the distinction matters

Meta said the financing supports general corporate purposes and forms part of a broader funding mix that includes operating cash flow, investment-grade debt, partnerships and equity. The company forecast 2026 capital expenditures of $135 billion to $145 billion in its announcement. Those spending plans provide context for the fundraising, but the offering itself does not establish what returns the AI investments will produce. [1] [4]

The Oct. 27 increase changes the common-stock figure from the initial launch terms. Investors should distinguish the $37.5 billion in current offerings from the conditional ATM plan, whose final terms and existence remain unsettled.

Sources

[1] Meta: Launch of preferred and common-stock offerings [2] Reuters: Meta increases equity fundraising to $97.5 billion [3] The Wall Street Journal: Meta plans up to $95 billion in financing [4] CNBC: Meta announces stock offering to fund AI expansion