Meta plans up to $95 billion share sale for AI infrastructure

How the offering is structured

Meta says it plans to raise $22.5 billion by selling Class A common shares. Another $12.5 billion would come from depositary shares, each representing one-twentieth of a new preferred share. Unless converted earlier, those preferred shares will automatically convert into common shares in August 2029.

Meta has three share classes with different voting rights:

The Class C shares were announced last week. Their lack of votes gives Meta a way to raise money without diluting Zuckerberg’s control.

Meta also said Nvidia, AMD and Broadcom had expressed preliminary interest in buying up to $5 billion of its shares.

The question behind the headline

I think the share structure is the more consequential part of this announcement: Meta is not just seeking capital for AI infrastructure, but arranging the financing so that raising it need not mean sharing more voting power. The announcement does not say how much of the proposed $95 billion would come from each share class, or what terms would apply to the potential purchases by Nvidia, AMD and Broadcom.

The tension is clear: Meta wants a vast amount of capital for AI while keeping control concentrated. The fundraising plan makes that trade-off possible; it does not show what returns the infrastructure will deliver.