Meta Seeks $97.5 Billion as AI Spending Begins to Swallow Its Cash Flow

Meta is preparing one of the largest equity fundraising plans in corporate history, raising new concerns about the enormous cost of the AI race.

Meta's advertising business is booming, but its AI spending is growing even faster.

The company generated nearly $97 billion in operating cash flow during the first nine months of 2026. Yet it reported negative $2.12 billion in free cash flow during the third quarter as spending on data centers and computing infrastructure surged.

Meta now expects to spend $135 billion to $145 billion on capital investments this year.

Its proposed $97.5 billion financing plan includes public share offerings and a future $60 billion stock-sale program.

The concern isn't whether Meta can make money. Its advertising business already does.

The question is how much more capital it must invest before its AI ambitions begin generating substantial additional returns.

For shareholders, the expansion could also mean dilution if new shares are issued.