Meta Platforms intends to raise $95 billion through a combination of public offerings and an "at-the-market" program to support its AI infrastructure development, the company announced on Monday. The fundraising initiative comprises an initial $35 billion through underwritten public offerings of Class A common stock and convertible preferred stock, followed by a $60 billion at-the-market offering of newly created Class C non-voting shares. This marks Meta's first issuance of new stock since 2013.The initial $35 billion offering includes $22.5 billion in Class A common stock and $12.5 billion in depositary shares representing mandatory convertible preferred stock. Chip manufacturers Nvidia, AMD, and Broadcom have indicated non-binding interest in purchasing up to $5 billion of the Class A common stock. The second part, the $60 billion at-the-market program for Class C shares, is expected to commence in the first quarter of 2027, after these shares begin trading. The Class C shares, which do not carry voting rights, allow Meta to raise capital without diluting CEO Mark Zuckerberg's control of the company.Meta's substantial fundraising effort comes as the company escalates its spending on data centers, computing capacity, and AI products to compete with other major AI developers like OpenAI and Anthropic. In its third-quarter 2026 earnings report, Meta reported a $2.12 billion negative free cash flow, its first in over ten years, contrasting with a positive free cash flow of $10.63 billion a year prior. The company's capital expenditures for 2026 are projected to be between $135 billion and $145 billion, an increase from its earlier forecast. Meta has also committed to approximately $825 billion in future spending, primarily for data centers, AI infrastructure, and cloud computing.The company cited its "continued investment in AI infrastructure and personal super intelligence" as the reason for the capital raise. Meta's AI agent, Muse, has already attracted over 10 million users in the U.S. and Canada within its first weeks, and the company's daily active users across its applications reached 3.64 billion in September. The company's third-quarter revenue increased by 26% year-over-year to $64.601 billion. However, a $9.89 billion charge related to a legal agreement with U.S. State Attorneys General impacted its reported net income for the quarter.The announcement of Meta's fundraising comes amid broader discussions within the technology sector about the sustainability of AI investments. Elon Musk recently cautioned that funding for smaller AI players is diminishing, suggesting a period of "death and consolidation" for "neocloud" data center providers. Despite these warnings, analysts like Neil Wilson of Saxo UK noted that investors appear more willing to back the AI initiatives of financially stable companies such as Meta.