[FLASH] Meta launches plan to raise up to $95B in equity to fund AI build-out after first negative FCF in a decade
Meta launched about $35B of underwritten offerings: Class A stock sold via forward sale agreements, plus mandatory convertible preferred depositary shares. It plans up to $60B more through an at-the-market program in new non-voting Class C shares, expected from Q1 2027. Nvidia, AMD and Broadcom gave non-binding indications of interest for up to $5B combined. The raise follows Q3 free cash flow of -$2.12B, 2026 capex guidance of $135-145B and about $825B in future commitments (per Reuters, as cited by InvestmentNews). Shares fell about 1% on the news. Business Today tied the raise, together with Anthropic's filing, to Indian IT stocks falling on Oct 27. Next to watch: forward-sale settlement and the Class C listing.