Meta announced on Monday, October 26, 2026, a two-part plan to raise $95 billion by selling new shares to pay for its AI spending. The company intends to raise $35 billion through underwritten public offerings and to launch a $60 billion “at-the-market” program that sells stock gradually at prevailing prices. Meta said the money supports “continued investment in AI infrastructure and personal superintelligence.”
How the raise is structured
The Guardian reports that the first part is a sale of $35 billion in stock to investors. Chipmakers Nvidia, AMD and Broadcom have expressed interest as “cornerstone investors” and could together buy up to $5 billion of the shares on offer, according to Meta.
The second part is a $60 billion at-the-market offering, under which new shares are sold into the market over time at the going price. It uses a new class C stock that Meta announced last week. Class C shares carry no voting rights, so they can be sold without diluting the control Mark Zuckerberg holds. Shares in Meta rose in early trading on the news, The Guardian says.
A funding squeeze in the background
The announcement landed amid a debate about how AI infrastructure gets financed. Elon Musk wrote on X on Sunday that debt markets have “almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers,” predicting “guppy-level death and consolidation” among more than 200 “neocloud” firms that rent out GPUs. Neocloud stocks fell in premarket trading on Monday; The Guardian says Iren and CoreWeave later recovered while Nebius closed down more than 3%.
The worry centers on borrowing. The Guardian cites about $35 billion of debt at CoreWeave, whose shares are down by more than a third over the past month, and quotes an analyst saying Musk’s comments reflect fears of “way too much debt” in the sector. Musk was responding to a post by investor Chamath Palihapitiya describing neoclouds as “disorganized and poorly capitalized.”
Musk has an interest here: the same day, SpaceX disclosed a binding commitment for roughly $40 billion of financing from Apollo Global Management, which will buy chips and lease them to SpaceX, TechCrunch reports. The analyst quoted by The Guardian contrasted Meta, which can lean on equity, with companies lacking investment-grade status.
Why it matters
Meta’s move shows the largest AI spenders turning to the equity market as well as bonds and leases. For investors, new shares mean dilution of economic ownership, though not of Zuckerberg’s votes. For smaller cloud providers, the contrast with Meta and SpaceX highlights how unevenly capital is reaching the AI buildout.
What to watch next
- The pricing and size of the first $35 billion underwritten offering.
- How quickly Meta uses the at-the-market program.
- Moves in CoreWeave, Nebius and other neocloud shares this week.
- Further financing deals like SpaceX’s Apollo lease.
Key takeaways
- Meta plans $95 billion of stock sales: $35 billion underwritten and $60 billion at the market.
- Nvidia, AMD and Broadcom may buy up to $5 billion in the first part.
- New class C shares have no votes, protecting Zuckerberg’s control.
- Musk says neoclouds face consolidation as debt markets close to them.
- SpaceX separately secured a roughly $40 billion GPU lease from Apollo.
Frequently asked questions
What is an at-the-market offering?
It lets a company sell new shares gradually into the open market at current prices rather than in a single large sale.
Why class C shares?
They have no voting rights, so selling them does not dilute existing voting control.
What is a neocloud?
A company that rents out GPU computing power to AI developers, such as CoreWeave or Nebius.
