Meta lifts AI equity fundraising plan to $97.5B with Nvidia and AMD backing

Meta raised its planned common stock offering from $22.5B to $25B, pricing shares at $625 each, and priced 250 million depositary shares at $50 each. Public offerings across common and preferred stock total about $35B. A separate at-the-market program of up to $60B has no finalized timing or terms and is expected to begin after new nonvoting Class C shares start trading in early 2027. Nvidia said it would invest $3B in the equity offering and AMD said it would invest $1B, with Micron also expressing interest. The plan began as a $95B effort announced earlier in the week, and Meta shares fell about 1.4% in morning trading. Commentators noted the chip suppliers' stakes add to concerns about circular capital flows between suppliers and their customers. For founders, the lesson is that compute vendors are now writing equity checks into their largest customers, which blurs the line between supplier and investor in AI infrastructure deals.