Nvidia will invest $3B in Meta’s upsized $25B Class A common stock offering, which priced at $625 a share after expanding from an initial $22.5B target. Alongside the common stock sale via forward agreements, Meta priced 250 million Series A mandatory convertible preferred depositary shares at $50 each to raise $12.5B. Together with a planned $60B at-the-market program for new nonvoting Class C shares starting in the first quarter of 2027, the upsized offering lifts Meta’s planned AI equity fundraising to $97.5B from $95B.
The investment comes as the companies expand their partnership to improve training and inference performance and lower the cost of running Meta’s Muse AI models and agents. Meta will broaden deployments of Nvidia Vera Rubin GPUs, standalone Vera CPUs, Spectrum-X Ethernet networking and BlueField-4 data processing hardware, while exploring Nvidia’s OpenShell reference architecture for AI agent deployment and Nvidia Sentry for monitoring agent behavior.
Nvidia’s $3B commitment follows earlier nonbinding indications from Meta’s three main chip suppliers—Nvidia, AMD and Broadcom—to purchase up to $5B combined of the Class A shares at the offering price. Meta launched the fundraising to help cover 2026 capital expenditures projected at $135B to $145B after an 80% surge in third-quarter capital spending to $34.91B pushed free cash flow to negative $2.12B, its first negative quarter since its 2012 IPO.