Meta filed the announcement with the SEC that it plans to raise $95B in new equity to fund AI data centers and its superintelligence push.

The first $35B comes from underwritten offerings of $22.5B in common stock and $12.5B in mandatory convertible preferred shares, with a $60B at-the-market program to follow.

Nvidia, AMD and Broadcom, which sell Meta the chips this money will buy, indicated interest in taking up to $5B of the shares.

The raise comes as Meta’s 2026 capex forecast rose to $135B to $145B while free cash flow turned negative, despite $97B of operating cash flow in the first 3 quarters and about $82B in cash and securities.

Meta says the money supports 4 superclusters above 1 gigawatt each, its Muse agent and a data center business, alongside debt and partnership financing.