Meta is considering a new equity offering worth tens of billions of dollars to help finance its expanding AI infrastructure program, according to the Financial Times. The company has been pouring capital into computing capacity, data centers, and hardware, and the scale of that spending is pushing it to examine fresh funding options beyond debt.
Capital spending target raised to $125 billion-$145 billion for 2026
The report said Meta has lifted its 2026 capital expenditure guidance to $125 billion to $145 billion, up from an earlier range of $115 billion to $135 billion. That increase reflects the company’s larger AI buildout, with rising demand for computing power and higher costs tied to components and data center construction.
Meta has already tapped several financing channels. In April 2026, the company issued $25 billion in bonds. It also raised about $29 billion through private credit and debt financing arrangements involving Pimco, Blue Owl, and Apollo. The report said those funds were directed to data center projects, often through joint ventures or off-balance-sheet structures. Even with that capital in place, the cost of GPUs, power, and hardware remains large enough that equity financing is now under discussion.
Alphabet’s $85 billion raise has sharpened the focus
Another factor is Alphabet’s recent $85 billion equity fundraising, which was increased from an initial $80 billion target. Demand was described as strong, and the deal included a $10 billion private placement involving Berkshire Hathaway. That transaction has become an important reference point for the market and for other large technology companies evaluating AI-related funding plans.
According to the report, discussion inside Meta around a share sale picked up after Alphabet completed its deal. No investment bank has been formally hired for a potential Meta offering at this stage. Other routes, including additional debt issuance or a larger joint venture structure, are still being considered.
Dilution concerns remain in focus as AI costs climb
Meta still has a strong advertising business across Facebook, Instagram, Threads, and WhatsApp, which gives the company a sizeable cash flow base. Even so, the scale of AI spending has drawn scrutiny. Investors are watching the risk of dilution from any stock sale, and sensitivity around mounting AI capital expenditures has added pressure to META shares in recent trading.
The broader message is clear. AI infrastructure has become extremely capital intensive, with spending on chips, electricity, and facilities reaching into the hundreds of billions of dollars across the industry. For Meta, the next question is whether those investments can produce measurable returns through better recommendation algorithms, new AI tools, or progress toward its superintelligence ambitions.