November 2, 2026 | Tech | By Mahesh

Meta disclosed on October 26 or 27, 2026 (sources differ) that it plans to raise about $97.5 billion in equity to fund AI infrastructure, with Nvidia investing $3 billion and AMD committing $1 billion [1][2][3]. About $37.5 billion comes from underwritten public offerings and up to $60 billion from an at-the-market program that has not started [1][3]. Meta expects 2026 capital spending of $135 billion to $145 billion [1].

What Meta announced

Meta's plan covers three pieces. Roughly $25 billion is Class A common stock, about $12.5 billion is depositary shares that represent preferred stock, and about $60 billion is an at-the-market program, which sells shares gradually at market prices [1]. The at-the-market program is due to start when trading in a new Class C common stock begins, which Tech Insider says is targeted for the first quarter of 2027 [1][3]. Meta says there is no assurance the program will be established [1].

Mark Zuckerberg said Meta is making big investments in the computing power that will enable it to bring personal superintelligence to everyone [1]. Meta reported third-quarter revenue of $64.6 billion and net income of $9.9 billion, and expects its infrastructure capacity to nearly double year over year while it builds up to four superclusters of more than 1 gigawatt each [1].

The structure and the dilution question

Tech Insider reports that the common offering priced at $625.00 per share and the depositary shares at $50, and that the upsized common portion rose from $22.5 billion to $25 billion [3]. It estimates about 40 million new shares from the common offering, which is its own calculation, since Meta has not published a share count [3]. The same article notes that only about 38.5% of the package has priced, so investors modeling dilution should consider the full $97.5 billion [3].

Class C shares are described as non-voting, a feature that Tech Insider says can draw objections from pension funds and proxy advisers [3]. The dividend, redemption and conversion terms of the depositary shares were not reported [3]. For other coverage of Nvidia's investments, see Nvidia in Talks to Deepen Stake in or Buy Reflection AI.

The chipmakers: Nvidia, AMD and Broadcom

Nvidia announced its $3 billion investment on October 26, and AMD followed on October 27 with $1 billion [2]. W.Media reports that Nvidia, AMD and Broadcom together could buy up to $5 billion of Class A stock, but Broadcom's amount is not stated, and Tech Insider treats the AMD and Broadcom interest as unconfirmed [1][3].

Analysts frame the deals as chipmakers backing a large customer. Matt Kimball of Moor Insights and Strategy said such investments continue a pattern of chipmakers backing strategic hyperscalers to drive adoption of their platforms [2]. Brendan Burke of Futurum Group said the payoff for the chipmakers will come through future GPU and CPU purchases [2].

Timing and what to watch

The near-term offerings have priced, while the $60 billion program waits on Class C trading and Meta's decision to proceed [1][3]. Watch for the Class C listing date, the final terms of the depositary shares and how many shares the program sells over time. Meta's 2026 capital spending range of $135 billion to $145 billion sets the scale of what the money is meant to fund [1].

Risks and caveats

The headline figure is a plan and not cash in hand. Tech Insider points to dilution, possible pricing of Class C shares below Class A, governance objections to non-voting stock and circular financing, since Meta buys chips from investors that also hold its stock [3]. The article's predictions are its own assessments, and its capex comparisons are not verified. Sources also differ on the announcement date and on the status of AMD and Broadcom. This article reports company disclosures and is not investment advice, so readers should check Meta's regulatory filings.

For readers following Meta's AI work, Meta Muse Wonder Launch: 1M Context, $4 API Price, Benchmarks covers the model line that this compute is meant to support.

Sources

1. W.Media. "NVIDIA, AMD, and Broadcom eye stakes as Meta raises US$97.5 billion for AI compute," October 29, 2026. w.media
2. Data Center Knowledge. "Nvidia, AMD Commit $4B to Meta AI Buildout." datacenterknowledge.com
3. Tech Insider. "Meta $97.5B Equity Raise for AI: Full Breakdown [2026]." tech-insider.org

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Article by Mahesh | Depth Grid