Meta prices $37.5 billion stock and preferred share offerings

Meta Platforms has priced two public offerings totaling $37.5 billion, including $12.5 billion in mandatory convertible preferred shares and $25 billion in Class A common stock via forward sale agreements. The common stock offering was increased from the initially announced $22.5 billion. The preferred shares, priced at $50 per depositary share, carry a 6.50% dividend and will automatically convert to Class A stock around August 2029. Meta expects net proceeds of approximately $24.9 billion from the common stock sale upon settlement by November 2027, with underwriters holding a 30-day option for additional depositary shares. Meta will not receive immediate cash from the common stock sale and plans to use proceeds from both offerings for general corporate purposes. The offerings are expected to close on October 29, 2026, with Morgan Stanley and Goldman Sachs serving as lead book-running managers.