Meta increases equity offering target to almost US$98 billion

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Photo by Michael Nagle/BloombergMeta Platforms Inc. boosted a planned share sale to almost US$98 billion, marking one of the largest equity offerings in history.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe company, which is seeking funds to invest in AI infrastructure and personal superintelligence, sold US$25 billion of common stock, more than initially planned, according to a statement late on Monday. It also raised US$12.5 billion from an offering of preferred shares.This advertisement has not loaded yet, but your article continues below.Meta is now adding to that sum with plans to raise as much as US$60 billion via an at-the-market share sale program, which allows companies to periodically sell shares in the open market. Known as the ATM, this will consist of its planned Class C nonvoting shares.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againNvidia Corp., Advanced Micro Devices Inc. and Broadcom Inc. agreed to buy as much as US$5 billion of the common shares in aggregate, the company said earlier.Earlier this year, Alphabet Inc. and Intel Corp. also held rare stock sales in order to support investment in AI initiatives, which require massive amounts of infrastructure and computing power. Both sales were oversubscribed.Meta’s chief executive Mark Zuckerberg overhauled the company’s AI operation through an aggressive hiring push, and has launched new products as well as committed hundreds of billions of dollars to build out the infrastructure needed to support the models. The company also has unveiled a personal AI agent known as Muse, and an AI model called Muse Wonder which leadership says is on par with OpenAI’s ChatGPT and Anthropic PBC’s Claude in terms of tasks such as coding.This advertisement has not loaded yet, but your article continues below.The first part of the offering consisted of 250 million depositary shares that represent a 1/20th interest in mandatory convertible preferred shares. Details of the ATM program have yet to be determined, the statement shows.Morgan Stanley and Goldman Sachs Group Inc. are leading Meta’s share offerings, according to the statement.During its earnings report, Meta announced a new class of nonvoting stock that could ultimately be used to help pay for acquisitions and other expenses. Meta’s Class C shares will be distributed to existing investors through a stock dividend. Holders will get one share of the new stock in what will essentially be a two-for-one stock split, Meta said. It expects trading of the new shares to begin in January.—With assistance from Riley Griffin, Sarah Frier, Julia Fioretti and Balazs Penz.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.