The agreement accompanies Meta's pricing of an upsized $25 billion Class A common stock offering at $625 a share, up from an initial $22.5 billion target, and 250 million Series A mandatory convertible preferred depositary shares at $50 each to raise $12.5 billion. Nvidia's $3 billion commitment follows earlier nonbinding indications from chip suppliers Nvidia, AMD and Broadcom to purchase up to $5 billion combined of the Class A shares at the offering price. Meta shares slipped 0.5% in premarket trading after the pricing announcements.
Combined with a planned $60 billion at-the-market program for its new nonvoting Class C shares starting in the first quarter of 2027, the upsized sale lifts Meta's planned AI equity fundraising to $97.5 billion from $95 billion. The capital raise supports 2026 capital expenditures projected at $135 billion to $145 billion after an 80% year-over-year surge in third-quarter capital spending to $34.91 billion pushed free cash flow to negative $2.12 billion, Meta's first negative quarter since its 2012 IPO.