Meta Platforms has turned to equity offerings to fund its AI buildout and could raise more than $100 billion through equity financing, including potential additional proceeds from underwriters' options. Meta has priced $25 billion worth of its Class A common stock at $625 per share, or 40 million shares; prior to this offering, Meta had approximately 2.56 billion shares outstanding, and once settled, the offering would dilute existing shareholders by around 1.5%. Meta has also priced $12.5 billion worth of mandatory convertible preferred stock, which would add to dilution once those shares convert into common stock. The company also plans to issue a new share class, Class C common stock, through a stock dividend of one Class C share for each outstanding share of Class A and Class B common stock, leaving overall ownership percentage unchanged, but it subsequently intends to offer up to $60 billion worth of Class C common stock, which would be dilutive and, if the entire program were utilized, would dilute existing shareholders by approximately 3.6%, assuming the company's valuation remains unchanged. At $625 per share, Meta's market capitalization would be around $1.6 trillion prior to these offerings. Together, Meta's announced and proposed offerings total approximately $97.5 billion, which could result in cumulative shareholder dilution approaching 6%, and the offerings could be worth more than $100 billion if underwriters exercise their over-allotment options. A key reason for creating the Class C shares is allowing