Meta raises record $97.5 billion to fund AI infrastructure expansion

Meta Platforms increased its largest-ever equity fundraising to $97.5 billion on Tuesday to fund an aggressive expansion of its AI infrastructure, raising its common stock offering from $22.5 billion to $25 billion priced at $625.00 per share. The Facebook parent launched public offerings of about $35 billion in common and preferred stock, including 250 million depositary shares at $50 each, and plans a separate at-the-market share sale program worth up to $60 billion after its new non-voting Class C shares begin trading in early 2027. Nvidia, Advanced Micro Devices, and Broadcom have shown interest in investing up to $5 billion total, with Nvidia committing $3 billion. Meta has committed to spending about $825 billion on data centers and AI infrastructure, but reported a $2.12 billion cash burn in the third quarter, its first negative free cash flow in over a decade. The company raised its annual capital expenditure forecast to $135 billion to $145 billion, while its shares fell about 1.4% in morning trading.