Meta seeks up to $95B in equity for AI buildout as NVIDIA invests $3B

Meta is turning to the equity markets at a scale rarely seen for a profitable mega-cap. Bloomberg reports a $35B immediate offering plus a $60B at-the-market program in 2027 — up to $95B in total — to fund an AI buildout with 2026 capex projected at $135-145B.

NVIDIA's $3B investment is tied to an expanded technical partnership: optimizing Meta's Muse models, from its restructured Superintelligence Labs, to run on Vera Rubin GPUs and Vera CPUs. That makes NVIDIA both supplier and investor, which is precisely the circularity critics flagged in Reddit threads questioning how sustainable the capex race is.

The raise follows Meta's strategic pivot. Superintelligence Labs shipped the Muse Wonder frontier models while next-generation open Llama releases were reportedly delayed. Futurum's survey this week showed Gemma, Phi and Nemotron leading production open-weight use, so Meta's open-model leadership is slipping even as it spends more than nearly anyone.

The equity route is notable because Meta generates enormous cash flow; choosing dilution suggests capex is outrunning even that. Watch shareholder reaction, the terms of the at-the-market program, and whether peers follow Meta from debt to equity financing. Combined with Anthropic's IPO and Oracle's multi-gigawatt build, capital formation is the week's other dominant theme.