Meta prices depositary shares linked to Series A preferred stock in massive equity raise

Meta Platforms has priced depositary shares tied to its Series A preferred stock. It is also selling Class A common stock through forward sale agreements, in one of the larger equity financing efforts by a Big Tech company. The concurrent offerings launched on October 26, 2026. Together, they aim to raise approximately $35 billion in the near term. The money is earmarked largely for one thing: feeding Meta’s appetite for AI infrastructure. Breaking down the two offerings The first piece is the preferred side. Meta is offering 250 million Series A depositary shares at $50 each, which comes to roughly $12.5 billion. A depositary share is a fractional slice of a larger security. Each depositary share carries a liquidation preference of $50, while each underlying preferred share carries $1,000. That works out to 20 depositary shares per preferred share. These are not permanent preferred shares. They are set to convert mandatorily into Class A common stock around August 15, 2029. Holders get a preferred-style instrument now and Meta common stock later, whether they want it or not. The second piece is $22.5 billion in Class A common stock sold through forward sale agreements. Morgan Stan...