Meta wants $95 billion, and its chip suppliers want to fund it

Meta said Monday it plans to raise up to $95 billion in its largest-ever equity fundraising, to pay for its AI infrastructure expansion. It launched public offerings worth about $35 billion in common and preferred stock, and plans a separate at-the-market program of up to $60 billion in new non-voting Class C shares once they start trading, expected in the first quarter of 2027.

The twist is who wants in: Nvidia, AMD and Broadcom have shown interest in up to $5 billion of the Class A shares — the chip suppliers helping finance one of their biggest customers. Meta has committed to spend about $825 billion on future outlays, mostly data centers and AI infrastructure, and just posted its first negative free cash flow in over a decade: a $2.12 billion cash burn in the third quarter.