Meta to raise about $35B via common and preferred stock offerings

The size and structure are the story here: a mega-cap tech issuer tapping both common equity and mandatory convertible preferred at once signals that AI infrastructure spending has outgrown internally generated cash flow, and the forward-sale and preferred structures suggest a preference for spreading dilution and managing near-term share impact. This matters most for equity holders weighing dilution against buildout capacity, and for credit and preferred investors now getting a new Meta instrument. Whether other hyperscalers follow with similar dual-tranche raises — and how the preferred is priced relative to the common — is the open question.