Meta Platforms said on Monday it plans to raise up to $95 billion in equity to fund its costly AI-related expansion ​of data centres, cloud computing power and other infrastructure.

The ‌company launched public offerings of about $35 billion in common stock and convertible preferred stock. It also said it plans to launch a separate at-the-market share sale program of ​up to $60 billion after its new non-voting Class C ​shares begin trading, which is expected in the first quarter ⁠of 2027.

Meta has stepped up spending on data centres, computing capacity and ​AI products to compete with rival AI heavyweights OpenAI and Anthropic.

The social media ​company had cash, cash equivalents and marketable securities of $82.45 billion, slightly exceeding its long-term debt of $80.92 billion as of September 30, according to its quarterly filing ​from last week.

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The company has committed to spend about $825 billion in ​the future, primarily driven by its growing investments in data centres, AI-related infrastructure ‌and ⁠cloud computing power.

Meta said chip companies Nvidia, Advanced Micro Devices and Broadcom have expressed interest in purchasing up to $5 billion of Meta’s Class A common stock in the offering.

Last week, Meta raised ​the lower end ​of its annual ⁠spending forecast, now expecting capital expenditure to be between $135 billion and $145 billion this year, up from $130 billion ​to $145 billion expected previously.

Meta reported a $2.12 billion cash burn ​in ⁠the third quarter, marking its first negative free cash flow in over ten years, compared with a positive cash flow of $10.63 billion a ⁠year ​ago.

The company reported third-quarter revenue of $64.60 billion, ​ahead of Wall Street estimates of $63.37 billion. It also projected fourth-quarter revenue between $73 billion ​and $76 billion.