Meta prices $25bn of new Class A stock at $625 a share and $12.5bn of mandatory convertible preferred, after enlarging the stock sale from $22.5bn

Meta priced its two-part share sale on 26 October, according to its release and a pricing term sheet filed with the SEC. “The Common Stock Offering was upsized to $25.0 billion from the previously announced offering size of $22.5 billion”: 40,000,000 Class A shares at $625.00 each. The shares are sold through forward sale agreements with Morgan Stanley Capital Services LLC and Goldman Sachs & Co. LLC, so Meta receives about $24.9bn of net proceeds only when those settle, on or before 19 November 2027.

Alongside it, Meta sold 250,000,000 depositary shares at $50 each, each a one-twentieth interest in a 6.50% Series A Mandatory Convertible Preferred share, for net proceeds of about $12.5bn. Settlement was set for 29 October. Meta says the money is for “general corporate purposes”.

The launch filing says Nvidia, AMD and Broadcom indicated interest in buying up to $5.0bn of the Class A stock in total, and that these indications were not binding. It also describes an at-the-market program of about $60bn of Class C stock, which “is not expected to commence until the first quarter of 2027”. Totals of $95bn or more in the press add that planned program to the sale priced now.

This follows the Switchboard's stories of 22 October, when Meta created the non-voting Class C stock as quarterly capital spending reached $34.9bn, and 27 October, when Nvidia said it would invest $3bn in the offering.

• Confirmed The common stock sale was enlarged to $25.0bn: 40,000,000 Class A shares at $625.00, through forward sale agreements settling by 19 November 2027. Meta, pricing term sheet (SEC)
• Confirmed 250,000,000 depositary shares at $50 for a 6.50% mandatory convertible preferred, net proceeds about $12.5bn. Meta
• Confirmed Nvidia, AMD and Broadcom indicated non-binding interest in up to $5.0bn of the Class A stock; a Class C at-the-market program of about $60bn is not expected to start before the first quarter of 2027. Meta, launch free-writing prospectus (SEC)