Meta Prices $37.5 Billion in Offerings After Raising Common Sale to $25 Billion

Meta Platforms priced $37.5 billion in stock offerings Tuesday, with Advanced Micro Devices (AMD) planning a $1 billion investment as the companies expand their AI infrastructure partnership.

Meta priced 40 million Class A common shares at $625 each, totaling $25 billion. It also priced 250 million depositary shares at $50 apiece, totaling $12.5 billion. The depositary shares represent interests in 6.50% Series A Mandatory Convertible Preferred Stock.

Meta had initially planned a $22.5 billion common-stock sale when it launched the offering Monday, then increased the amount to $25 billion at pricing Tuesday. The common-stock transaction uses forward sale agreements, so Meta does not expect cash proceeds at the outset. It expects to receive proceeds when those agreements settle on dates on or before Nov. 19, 2027. Net proceeds from the preferred offering will go to general corporate purposes.

AMD did not specify which securities it would buy, the share count or when it would invest. Meta had previously disclosed nonbinding indications of interest from AMD, Nvidia and Broadcom to buy up to $5 billion of the Class A stock combined, without individual amounts.

Meta projected capital expenditures of $135 billion to $145 billion in 2026. It also outlined a separate at-the-market share-sale program of up to $60 billion. Meta set no schedule, size or terms for the program; it is not expected to start until at least the first quarter of 2027 and after trading in its Class C shares begins.

The hardware relationship includes Meta's Helios testing and AMD's investment disclosure, EPYC processors supporting computing for Meta's Muse AI agent, and Instinct GPUs in production use. Under a multiyear plan announced in February, Meta intends to deploy up to six gigawatts of AMD Instinct GPUs. Meta also received a performance-based warrant for up to 160 million AMD shares, with vesting tied to purchase milestones.

The offerings are expected to close Thursday, Oct. 29, subject to closing conditions.