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Meta prices $25bn stock sale as Nvidia and AMD cite Muse AI agents

Meta priced a $25.0bn Class A stock sale on 26 October; Nvidia says it will invest $3bn and AMD $1bn, and their releases describe Meta's AI agent and Muse work.

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Check our sources · 13 facts from 5 sources
Illustration: A steel press with two intake chutes and one output tray; the green chute stands for the upsized common stock sale, the second for preferred-linked shares.Illustration made with AI for ai notis
source · Illustration made with AI for ai notis; not a picture of what happened

Key points

  1. Meta priced Class A stock upsized to $25.0bn from $22.5bn at $625.00 a share, and 250,000,000 depositary shares at $50.00 each, on 26 October.
  2. Nvidia's release says it will invest $3bn in the offering and AMD's says $1bn; Meta's filing says Nvidia, AMD and Broadcom's interest, up to $5.0bn in total, is not binding.
  3. Nvidia says Meta intends to expand its Vera Rubin and Vera CPU deployment for next-generation AI agents; AMD says EPYC processors support the environments behind Meta's Muse agent.

What happened

Meta Platforms priced two concurrent offerings on 26 October: Class A common stock and depositary shares in a 6.50% mandatory convertible preferred stock. The common stock offering was upsized to $25.0bn from $22.5bn, at $625.00 a share. The 250 million depositary shares are priced at $50 each.

Meta's pricing term sheet gives expected net proceeds of about $12.5bn from the depositary shares and about $24.9bn from the common stock, which is sold through forward sale agreements and is expected to settle by 19 November 2027. Meta intends to use the proceeds for general corporate purposes.

Its prospectus supplement says NVIDIA, AMD and Broadcom have indicated interest in buying up to $5.0bn of the Class A stock in total, and that these indications are not binding. In its own release, NVIDIA says it will invest $3bn in Meta's equity offering; AMD's release says it will invest $1bn.

NVIDIA's release gives no share count, price or valuation.

NVIDIA's release also says Meta intends to expand its deployment of Vera Rubin and Vera CPUs for next-generation AI agents, and that the two companies will expand their work on Muse models; AMD's release says its EPYC processors support the computing environments behind Meta's Muse personal AI agent.

Meta separately says it plans an at-the-market programme of up to $60bn of Class C common stock, not expected to start before the first quarter of 2027, with no agreement signed.

What it means for you

Our view

This is a financing story with an AI hardware thread, and that thread rests on the chipmakers' own releases. Meta's term sheet says it intends to use the net proceeds from the depositary shares for general corporate purposes, so the filings do not tie the money to Vera Rubin or Muse.

Nvidia's and AMD's investments are stated in their releases, while Meta's prospectus calls the indications of interest non-binding. If you buy or plan capacity from Nvidia or AMD, treat the Vera Rubin and EPYC mentions as signals about Meta's suppliers, and read Meta's next filing for what the money funds.

It adds no new facts.

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Check our sources

Every sentence above is checked against these 5 sources.

1 https://www.sec.gov/Archives/edgar/data/0001326801/000119312526432549/d382225dfwp.htm27 Oct 2026 · 5 facts Open the source archived copy

  1. Meta's pricing term sheet gives a pricing date of October 26, 2026 for the Class A common stock offering and the Series A depositary shares offering.

    Pricing Term Sheet ... dated as of October 26, 2026 ... Pricing Date: October 26, 2026.
    cite

  2. The term sheet says the common stock offering was upsized to 25.0 billion US dollars and the public offering price is 625.00 dollars per share, with settlement on October 29, 2026.

    Meta Platforms, Inc. has increased the size of the Common Stock Offering to $25.0 billion ... Public Offering Price of the Class A Common Stock: $625.00 per share of Class A Common Stock ... Settlement Date for the Common Stock Offering: October 29, 2026 (T+2)
    cite

  3. The term sheet prices 250,000,000 Series A depositary shares at 50.00 dollars each, each representing a 1/20th interest in a share of 6.50% Series A Mandatory Convertible Preferred Stock.

    250,000,000 Series A Depositary Shares ... $50.00 per Series A Depositary Share. ... each of which represents a 1/20th interest in a share of the Issuer’s 6.50% Series A Mandatory Convertible Preferred Stock
    cite

  4. The term sheet gives expected net proceeds of about 12.5 billion dollars from the depositary shares offering and about 24.9 billion dollars from forward sale settlement of the common stock, expected by November 19, 2027.

    The Issuer expects the net proceeds from the Series A Depositary Shares Offering to be approximately $12.5 billion ... The Issuer expects to receive net proceeds, before expenses, of approximately $24.9 billion ... upon settlement of the forward sale agreements, which the Issuer expects to occur on or prior to November 19, 2027.
    cite

  5. Meta's pricing term sheet, filed with the SEC, says: "The Issuer intends to use the net proceeds from the Series A Depositary Shares Offering for general corporate purposes."

    The Issuer intends to use the net proceeds from the Series A Depositary Shares Offering for general corporate purposes.
    cite
2 Meta Platforms prospectus supplement, 40,000,000 shares Class A common stock (forward sale)SEC EDGAR · 28 Oct 2026 · 1 fact Open the source archived copy

  1. Meta's forward-sale prospectus supplement says NVIDIA, Advanced Micro Devices and Broadcom, as Cornerstone Investors, severally and not jointly indicated an interest in buying up to 5.0 billion dollars in aggregate of Class A common stock in the offering, and that the indications are not binding agreements or commitments to purchase.

    cite
3 https://nvidianews.nvidia.com/news/nvidia-and-meta-to-expand-collaboration-on-muse-and-muse-family-of-models-amid-robust-growth26 Oct 2026 · 3 facts Open the source archived copy

  1. NVIDIA's release, dated October 26, 2026, says: In addition, NVIDIA will invest 3 billion dollars in Meta's equity offering. It gives no share count, price or valuation.

    October 26, 2026 ... In addition, NVIDIA will invest $3 billion in Meta’s equity offering.
    cite

  2. NVIDIA's release of October 26, 2026 says Meta intends to expand the deployment of NVIDIA infrastructure, including Vera Rubin and Vera CPUs "for next-generation AI agents to deliver maximum performance per watt."

    Meta intends to expand the deployment of NVIDIA infrastructure, including Vera Rubin and Vera CPUs for next-generation AI agents to deliver maximum performance per watt.
    cite

  3. NVIDIA's release says NVIDIA and Meta "will partner to expand their work on Muse and the Muse family of models to improve inference and training performance."

    NVIDIA and Meta today announced they will partner to expand their work on Muse and the Muse family of models to improve inference and training performance
    cite
4 https://ir.amd.com/news-events/press-releases/detail/1302/amd-and-meta-advance-strategic-partnership-to-power-metas-superintelligence-infrastructure27 Oct 2026 · 2 facts Open the source archived copy

  1. AMD's release, dated October 27, 2026, says: In addition, AMD will invest 1 billion dollars in Meta's equity offering.

    October 27, 2026 9:20 am EDT ... In addition, AMD will invest $1 billion in Meta’s equity offering.
    cite

  2. AMD's release of October 27, 2026 says: "AMD EPYC processors support the dedicated computing environments behind Meta's Muse personal AI agent."

    AMD EPYC processors support the dedicated computing environments behind Meta’s Muse personal AI agent.
    cite
5 Meta Platforms Form FWP, launch of offering (26 Oct 2026)SEC EDGAR · 26 Oct 2026 · 2 facts Open the source archived copy

  1. Meta's launch announcement, filed with the SEC as a free writing prospectus dated October 26, 2026, described the Class A common stock offering as "$22.5 billion of shares of Meta's Class A common stock" offered in connection with forward sale agreements.

    Issuer Free Writing Prospectus dated October 26, 2026 ... (ii) $22.5 billion of shares of Meta’s Class A common stock ... offered in connection with the forward sale agreements
    cite

  2. The same filing says Meta intends to enter into an equity distribution agreement for an at-the-market program of Class C common stock of up to a maximum aggregate offering amount of $60 billion, "not expected to commence until the first quarter of 2027"; it says "The Company has not entered into any agreement with respect to any such program."

    Meta may sell, from time to time through or to a manager, Class C Common Stock, up to a maximum aggregate offering amount of $60 billion. Such program is not expected to commence until the first quarter of 2027 ... The Company has not entered into any agreement with respect to any such program
    cite

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