Meta wants up to $95 billion in new stock for AI. Its chip suppliers may buy some

Meta needs a lot of chips. On Monday, October 26, 2026, it said how it plans to pay for some of them: by selling a lot of stock. And three of the companies that sell it the hardware said they might buy some.

What Meta announced. Meta launched two underwritten offerings worth about $35 billion: roughly $22.5 billion of Class A common stock, sold through forward sale agreements with Morgan Stanley and Goldman Sachs, and roughly $12.5 billion of depositary shares tied to new mandatory convertible preferred stock that converts into common stock around August 15, 2029. It also plans an at-the-market program of about $60 billion using its new non-voting Class C shares, not expected to start until the first quarter of 2027. Meta says it hasn't signed any agreement for that program yet. The "$95 billion" headline is the $35 billion plus the $60 billion.

• The money isn't all arriving now. Meta doesn't expect to receive cash from the $22.5 billion common stock sale until it settles the forward agreements, on dates it picks through November 19, 2027.
• What it's for: Meta says it's investing in AI infrastructure and "personal superintelligence," and expects $135 billion to $145 billion of capital expenditures in 2026. It says it will fund that with operating cash flow, investment-grade debt, partnerships and equity.
• The detail everyone is joking about: Nvidia, AMD and Broadcom "indicated an interest in purchasing up to an aggregate of $5.0 billion" of the Class A shares, on the same terms as other buyers. Meta's release says the interest is not binding: any of them may buy more, fewer or no shares.

Why it reads like a loop. Benzinga, writing on Yahoo Finance, notes Meta is a major customer of all three: Nvidia supplies AI chips, AMD has a deal covering up to six gigawatts of GPUs, and Broadcom is helping build Meta's custom processors. In February, The New York Times reported that AMD's chip deal with Meta lets Meta take a stake of up to 10% in AMD. So if AMD buys in, the two could end up holding pieces of each other. Suppliers putting money into customers that then buy their chips has been a recurring pattern of the AI boom.

Our take. Up to $5 billion of non-binding interest is small next to a $95 billion plan and $135 billion-plus of yearly capex, so this isn't the chipmakers bankrolling Meta. It is a signal, though: the companies with the best view of AI demand want to own a piece of one of their largest buyers, and Meta is now leaning on shareholders, not just cash flow, to keep building. Meta shares were down about 1.6% in morning trading after the announcement, according to CNBC.

What we did and didn't do: we read Meta's October 26 press release and the CNBC, Wall Street Journal, Yahoo Finance and New York Times reports listed below on October 26, 2026. We didn't read the full prospectus. $META. Not investment advice. Not sponsored; no affiliate links.