Meta 拟通过股票发行募资至多 950 亿美元，用于 AI 基础设施
Meta Wants $95 Billion Through Stock Sales to Fund AI Infrastructure
Meta 计划通过股票发行募资至多 950 亿美元，其中 350 亿美元为公开增发普通股和可转换优先股，另有至多 600 亿美元的股票出售计划。公司称资金将用于 AI 基础设施、算力及个人超级智能，NVIDIA、AMD 和 Broadcom 表示有意在 A 类发行中合计认购至多 50 亿美元，但不具约束力。Meta 预计 2026 年资本支出为 1350 亿至 1450 亿美元，并计划在 2027 年第一季度设立 600 亿美元的 ATM 售股计划。
正文
Meta Platforms plans to raise up to $95 billion through equity offerings.
This includes $35 billion in immediate public offerings of common and convertible preferred stock and a separate programme to sell up to $60 billion in shares.
The company said the financing would support investments in AI infrastructure, computing capacity and personal superintelligence as it expands its AI products and services. Meta Investor
NVIDIA, Advanced Micro Devices (AMD) and Broadcom have indicated an interest in purchasing up to $5 billion collectively in the Class A offering.
Their indications are non-binding, meaning the companies are not committed to buying the shares. Morgan Stanley and Goldman Sachs are leading the offerings, said Meta.
The initial $35 billion offering comprises $22.5 billion in Class A common stock and approximately $12.5 billion in depositary shares representing mandatory convertible preferred stock.
Meta also plans to establish a $60 billion at-the-market (ATM) share sale programme in the first quarter of 2027, following the commencement of trading in its new Class C common stock.
The proposed programme is not finalised, and Meta said it is not guaranteed to proceed on the announced terms, or at all.
The fundraising comes as Meta prepares to spend $135 billion to $145 billion on capital expenditure in 2026, primarily to expand its AI infrastructure and computing capacity.
The company said it operates data centres across 23 US states and is building four superclusters, each with more than one gigawatt of capacity. It expects to nearly double its total infrastructure capacity in 2026 compared with the previous year.
Meta generated $97 billion in operating cash flow in the first nine months of 2026 and held about $82 billion in cash, cash equivalents, and marketable securities at the end of September.
The company said it would fund its investments through a combination of operating cash flow, investment-grade debt, strategic partnerships and equity capital.
Meta's third-quarter results show the scale of investment required.
Revenue rose 26% year-on-year to $64.6 billion, while net income increased to $9.86 billion from $2.71 billion a year earlier.
However, operating income fell 37% to $13 billion, partly reflecting a $9.89 billion charge related to an agreement with 52 US state attorneys general over litigation concerning teen mental health and social media.