Meta Announces $95 Billion Equity Raise for AI

Meta said it plans to raise $95 billion for AI infrastructure and superintelligence, starting with $35 billion of underwritten public offerings and followed by a $60 billion at-the-market program. Nvidia, AMD and Broadcom expressed interest in buying up to $5 billion of the shares.

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Meta is turning to equity markets on top of operating cash flow and investment-grade debt to fund an AI buildout, with capex guidance of $135-145 billion for the year. Shares fell 1.6% on dilution concerns and negative free cash flow. Interest from Nvidia, AMD and Broadcom in buying up to $5 billion of the shares shows suppliers recycling revenue into customer funding. The raise follows large financings by Alphabet and SpaceX and a planned Anthropic IPO, so AI capital demand is crowding the capital markets. It also signals that even the best-funded hyperscalers can no longer self-fund AI capex from cash flow alone.