Meta Platforms (NASDAQ: META) priced the opening round of its largest-ever stock sale on Tuesday and made it bigger. The company sold $25 billion of Class A common stock at $625 a share, up from the $22.5 billion it announced Monday, plus 250 million depositary shares of 6.50% mandatory convertible preferred stock at $50 each, or $12.5 billion, according to Meta's announcement. Reuters said the upsizing takes the full plan, including a later $60 billion at-the-market program, to about $97.5 billion, as carried by StreetInsider. IFR put the offer price against a last sale of $630.56, in its pricing summary.

The structure matters more than the headline number. The common shares are sold through forward sale agreements with Morgan Stanley and Goldman Sachs, so Meta collects no cash at closing and can settle as late as Nov. 19, 2027, FinancialMarkets.com explained. The preferred stock brings in money right away and converts to common stock around August 2029. In effect, Meta has locked in a price for future share sales while leaving itself room on when to raise the cash.

The bigger story is who is buying. Nvidia (NASDAQ: NVDA) said it would invest $3 billion in the offering and that Meta would expand its use of Nvidia's Vera Rubin systems, and AMD (NASDAQ: AMD) committed $1 billion, CNBC reported. Meta had said Nvidia, AMD and Broadcom (NASDAQ: AVGO) together indicated interest of up to $5 billion. Broadcom has not said whether it will participate. CNBC reported that AMD shares were up 3% on Tuesday, Nvidia was flat and Meta was down 1%.

Reuters framed the supplier money as adding to concerns about "an increasingly circular flow of capital" in AI, where chipmakers help fund the buildouts of their own largest customers. The deal follows a busy few days of AI financing, including Anthropic's IPO filing and SpaceX's $40 billion GPU lease. CNBC noted that Nvidia has taken part in 121 investment rounds this year, according to Dealroom, up from 13 in 2022.

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Tickers: NASDAQ:META, NASDAQ:NVDA, NASDAQ:AMD, NASDAQ:AVGO

Why it matters

Meta is turning to shareholders instead of debt to pay for its AI buildout, and the size of the raise shows how much capital that spending now requires. When the chip suppliers are also the investors, the boom depends even more on demand from a small set of the same companies. This is reporting only, not investment advice.

Sources

• Meta Platforms, "Meta Announces Pricing of Offering of Depositary Shares Representing Series A Mandatory Convertible Preferred Stock and Offering of Class A Common Stock in Connection with Forward Sale Agreements" (Oct. 26-27, 2026)
• Reuters via StreetInsider, "Meta eyes record $97.5 billion equity raise to fund AI expansion" (Oct. 27, 2026)
• CNBC, "Nvidia, AMD to invest $4 billion in Meta as tech giants deepen AI partnership" (Oct. 27, 2026)
• FinancialMarkets.com, "Meta Priced $25 Billion of Common at $625, Upsized, Plus $12.5 Billion of Convertible Preferred"
• IFR, "US ECM Pricings"

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