Meta Upsizes AI Equity Raise to $97.5B as Nvidia, AMD Commit $4B

Meta upsized its equity program to roughly $97.5 billion on Monday, pricing $25 billion of Class A common stock at $625 and layering a $12.5 billion mandatory convertible preferred offering on top, with a $60 billion at-the-market program slated for Q1 2027 once newly authorized Class C shares begin trading. It’s the largest corporate equity raise on record, and the structure reads as a deliberate attempt to spread dilution across instruments and quarters rather than take it in one bruising slug.

The cornerstone list is the real tell. Nvidia committed $3 billion to the common offering and AMD $1 billion, per CNBC, with Broadcom named in the SEC filing as an interested party and collective non-binding interest totaling up to $5 billion. Meta’s chip suppliers are now buying its stock to help finance the compute Meta will buy from them. Circular capital flows of this shape last appeared during the late-1990s telecom buildout, when equipment vendors financed the carriers that bought their switches. The ending there was instructive.

The analytical frame is simpler than the cap table. Meta posted $64.6 billion in Q3 revenue, up 26% year over year, and $9.9 billion in net income, with 2026 capex guided to $135–$145 billion. The company owns data centers across 23 U.S. states and has four superclusters above one gigawatt under construction. In its own words, “AI investments are already generating tangible returns through increased engagement, improved advertising performance and increased monetization.”

For small-business advertisers, that sentence is the forecast. AI-ad pricing rose 14% in the quarter, and the Q3 print showed Advantage+ absorbing a widening share of SMB spend. Muse, Meta’s AI agent, has already onboarded more than 10 million users across the U.S. and Canada within weeks of launch, with over 25% of weekly actives using it for shopping. More compute means a harder-optimizing auction. Strong creative and clean signals get rewarded; generic spend gets taxed. The floor is moving, and Meta just raised $97.5 billion to move it faster.

Sources

• https://www.sec.gov/Archives/edgar/data/0001326801/000119312526431036/d116268dfwp.htm
• https://www.investing.com/news/economy-news/meta-eyes-record-975-billion-equity-raise-to-fund-ai-expansion-4975360
• https://www.cnbc.com/2026/10/26/meta-stock-offering-ai.html
• https://news.bloomberglaw.com/capital-markets/meta-seeks-up-to-95-billion-in-equity-to-fund-ai-spending
• https://cnbc.com/2026/10/27/nvidia-invest-meta.html