Meta upsizes equity raise to $97.5B, prices $25B of common stock at $625 a share
Meta increased its common stock sale to $25 billion from $22.5 billion and priced it at $625 per share, lifting its total planned equity fundraising to as much as $97.5 billion, the company's largest ever.
Meta priced the stock sales it announced a day earlier and made them bigger, according to a company statement released late Monday U.S. time.
| Item | Detail |
|---|---|
| Common stock offering | $25B (up from $22.5B), priced at $625/share |
| Mandatory convertible preferred | $12.5B, depositary shares at $50 each |
| At-the-market program | Up to about $60B (nonvoting Class C, from Q1 2027) |
| Total | Up to $97.5B |
| Anchor buyers | Nvidia, AMD and Broadcom up to $5B combined (Nvidia $3B) |
How to read it: $37.5B of common and preferred is issued now; the remaining $60B would be sold gradually once Class C shares trade, so dilution is spread out over time.
Why it matters: Meta’s Q3 free cash flow was negative $2.12 billion, its first negative quarter in more than a decade (Reuters). Funding AI capex with equity at this scale signals spending has outgrown cash generation, which puts Microsoft, Alphabet and Amazon’s funding comments in focus when they report this week.
Market reaction: Meta shares were flat in premarket trading as of 5 a.m. ET (Reuters). The $625 price is about 1% below Monday’s intraday level of $631.51 (Bloomberg).
WMR data: Follow all Meta coverage at /en/topics/meta/ and check its 20-day trend and volume multiple on the screener.
What to watch next: Settlement of the offerings, whether the stock holds $625 in Tuesday’s regular session, and Wednesday’s Fed decision.
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