Meta Platforms said it will run two public offerings at the same time to bring in roughly $35 billion.
The company is selling 250 million Series A depositary shares. Each one represents a 1/20th interest in a new share of Series A Mandatory Convertible Preferred Stock. It is also offering $22.5 billion of Class A common stock through forward sale agreements.
Underwriters get a 30-day option to buy up to 37.5 million more depositary shares. On the Class A stock, the option covers up to $3.375 billion.
Meta plans to use the money from the depositary shares for general corporate purposes. It does not expect to get cash right away from the Class A shares sold by the forward purchasers. That money will come later, when the agreements settle, and will also go toward general purposes.
The two offerings are part of a wider funding plan. On top of the roughly $35 billion from the underwritten deals, Meta wants to start an at-the-market program of about $60 billion once trading begins in its previously announced Class C common stock. No agreement for that program exists yet, and the company has not set the timing, size or terms.
Meta said the capital will support ongoing spending on AI infrastructure and what it calls personal superintelligence. The company expects capital expenditures of $135 billion to $145 billion in 2026. It plans to cover those costs with a mix of operating cash flow, investment-grade debt, partnerships and equity.
In the first three quarters of 2026, Meta produced $97 billion in operating cash flow. At the end of the third quarter, it held about $82 billion in cash, cash equivalents and marketable securities. Its Aa3/AA- credit ratings let it borrow long-term at favorable rates.
The company says its AI spending is already showing results through higher user engagement, better ad performance and stronger monetization. Meta is also working on personal superintelligence, agents for consumers and businesses, enterprise products and AI glasses.
As of September 2026, 3.64 billion people used at least one of Meta’s apps every day. Revenue has risen more than 20% year over year for six straight quarters. In the third quarter of 2026, revenue hit $64.6 billion, up 26% from a year earlier, and net income was $9.9 billion.
One of the newer products is Muse. It picked up well over 10 million users in the U.S. and Canada in the first weeks after launch. More than 25% of its weekly active users used the shopping feature. Over 2 million businesses use Meta’s Business Agent each week, and people have well over 30 million conversations with those agents weekly. Meta also owns data centers in 23 US states and is building four superclusters, each with more than one gigawatt of capacity.
Holders of the depositary shares will get a proportional stake in the preferred stock, including rights to conversion, dividends and liquidation. The preferred shares carry a liquidation preference of $1,000 each. Unless converted earlier, each preferred share will automatically turn into a variable number of Class A common shares on or about August 15, 2029 (or Class C shares if certain conditions are met). Meta plans to list the depositary shares on the Nasdaq Global Select Market under the ticker METAM.
At the same time, Meta expects to sign forward sale agreements with Morgan Stanley Capital Services and Goldman Sachs & Co. covering $22.5 billion of Class A shares. NVIDIA, AMD and Broadcom have said they are interested in buying up to $5 billion of Class A stock in total, on the same terms as other buyers. Those indications are not firm commitments. Morgan Stanley and Goldman Sachs are acting as lead joint bookrunning managers. Either offering can close without the other.
