New York:Meta has announced plans to raise $35 billion through a stock offering to fund the development of its artificial intelligence capabilities, according to documents released Monday by the US Securities and Exchange Commission.
According to Bangladesh Sangbad Sangstha, Facebook's parent company also disclosed plans for an additional stock offering of up to $60 billion, with the date yet to be determined.
The fundraising follows Meta's creation of a new class of non-voting shares, intended to give the company greater flexibility in raising capital for its competitive stance in AI. Major chipmakers, including Nvidia, AMD, and Broadcom, have shown interest in purchasing up to $5 billion of the common stock being offered, although these indications are not binding.
Meta has been investing heavily in enhancing its AI capabilities, and investors are keenly observing for signs of returns on these investments. The new shares' non-voting status allows Meta to issue them without impacting the voting control of founder and CEO Mark Zuckerberg.
In related news, Google parent Alphabet recently raised $85 billion through equity offerings to expand its own AI data center infrastructure.