(Oct 26): Meta Platforms Inc is seeking to raise as much as US$95 billion (RM387.98 billion) from selling common and preferred stock, tapping investors for support in the race to lead artificial intelligence’s development.

The company is offering about US$35 billion of common and preferred stock, according to a statement Monday. It will also raise about US$60 billion in an at-the-market share sale programme, which allows companies to sell shares in the open market from time to time. The ATM will consist of its planned Class C non-voting shares.

Meta’s shares pared initial losses to trade up 1.2% at US$650 each in pre-market trading on Monday in New York. Its shares have fallen 2.7% this year through Friday’s close.

Meta CEO Mark Zuckerberg overhauled the company’s AI operation through an aggressive hiring push and has launched new products as well as committed hundreds of billions of dollars to build out the infrastructure needed to support the models.

The company has unveiled a personal AI agent known as Muse and an AI model called Muse Wonder that leadership say is on par with OpenAI’s ChatGPT and Anthropic PBC’s Claude in terms of tasks such as coding.

Uploaded by Arion Yeow