Meta启动约350亿美元双轨发行：225亿美元A类股远期出售加2.5亿份可转换优先股存托股份
Meta Platforms（纳斯达克：META）10月26日在加州门洛帕克宣布，启动两项同步进行的承销公开发行，合计约350亿美元：一项是2.5亿份A系列存托股份，每份代表一股新发行的A系列强制可转换优先股的二十分之一权益；另一项是225亿美元A类普通股，通过远期出售协议发售。两项发行是该公司一项整体融资计划的组成部分。
存托股份方面，Meta预计授予承销商30天选择权，可额外购买最多3,750万份存托股份，仅用于弥补超额配售（如有）。优先股的清算优先权为每股1,000美元，股息率与转换条款将在定价时确定；如未提前转换，每股优先股将于2029年8月15日前后自动转换为数量不等的A类普通股。Meta拟申请存托股份在纳斯达克全球精选市场上市，交易代码为「METAM」。存托股份发行的净募集资金将用于一般公司用途。
普通股方面，Meta将与摩根士丹利资本服务公司（Morgan Stanley Capital Services LLC）和高盛公司（Goldman Sachs & Co. LLC）签订远期出售协议，两家机构为远期购买方，初始涉及合计225亿美元的A类普通股。普通股承销商同样有30天选择权，可额外购买最多33.75亿美元的A类普通股。Meta在发行初期不会收到普通股部分的任何款项；按协议，Meta将在2027年11月19日或之前由其选定的一个或多个日期结算远期协议，交付股票并按远期价格收取现金，结算所得净额用于一般公司用途。两项发行互不以对方的完成为条件，摩根士丹利与高盛担任主承销商。
融资计划还包括一项约600亿美元的市价发行（ATM）计划。Meta计划在公司先前宣布的新设C类普通股开始交易后推出该计划，但目前尚未就该计划签订任何协议，其时间、规模与条款均未确定，公司也不保证一定会设立。按公司说明，ATM计划预计不早于2027年第一季度启动，届时将通过一份股票分销协议，不时出售最高总额600亿美元的C类普通股。
英伟达（NVIDIA）、超威半导体（AMD）与博通（Broadcom）作为基石投资者，已分别表示有意按与其他认购者相同的价格与条款，合计认购最多50亿美元的A类普通股。由于这些意向不构成具约束力的承诺，三家公司最终可能认购更多、更少或不认购。
Meta表示，此次融资旨在支持其对人工智能（AI）基础设施与「个人超级智能」的持续投资。公司预计2026年资本支出为1,350亿至1,450亿美元，拟通过经营现金流、投资级债务、战略合作与股本融资相结合的方式筹资。Meta在2026年前三季度产生经营现金流970亿美元，第三季度末持有现金、现金等价物与有价证券约820亿美元；第三季度营收646亿美元，同比增长26%，净利润99亿美元。截至2026年9月，Meta应用家族的每日使用者达36.4亿人。
Meta Launches About $35 Billion in Dual Offerings: $22.5 Billion Class A Forward Sale and 250 Million Convertible Preferred Depositary Shares
Meta Platforms, Inc. (Nasdaq: META) announced in Menlo Park, California, on October 26 the launch of two concurrent underwritten public offerings totaling approximately $35 billion: 250 million Series A depositary shares, each representing a 1/20th interest in a share of newly issued Series A mandatory convertible preferred stock, and $22.5 billion of Class A common stock offered in connection with forward sale agreements. The offerings form part of a broader financing plan announced by the company.
For the depositary shares, Meta expects to grant the underwriters a 30-day option to purchase up to an additional 37,500,000 depositary shares, solely to cover over-allotments, if any. The preferred stock will have a liquidation preference of $1,000 per share, and its dividend rate and conversion terms will be determined at pricing. Unless earlier converted, each share of preferred stock will automatically convert, for settlement on or about August 15, 2029, into a variable number of shares of Class A common stock. Meta intends to apply to list the depositary shares on the Nasdaq Global Select Market under the symbol "METAM." Net proceeds from the depositary shares offering will be used for general corporate purposes.
For the common stock, Meta expects to enter into forward sale agreements with Morgan Stanley Capital Services LLC and Goldman Sachs & Co. LLC, as forward purchasers, initially covering an aggregate of $22.5 billion of Class A common stock. The common stock underwriters also have a 30-day option for up to an additional $3.375 billion of shares. Meta does not expect to initially receive any proceeds from the common stock offering; under the agreements, Meta intends to settle the forward sales on one or more dates it specifies on or before November 19, 2027, delivering shares in exchange for cash at the applicable forward sale price, with net proceeds to be used for general corporate purposes. Neither offering is conditioned on the other, and Morgan Stanley and Goldman Sachs are acting as lead joint book-running managers.
The financing plan also includes an approximately $60 billion at-the-market (ATM) program. Meta plans to launch the program once its previously announced Class C common stock begins trading, but it has not entered into any agreement for such a program, and the timing, size and terms have not been determined; there can be no assurance the program will be established. The company said the ATM program is not expected to commence until the first quarter of 2027, and would involve sales of Class C common stock from time to time under an equity distribution agreement.
NVIDIA Corporation, Advanced Micro Devices, Inc. and Broadcom Inc., as cornerstone investors, have severally indicated an interest in purchasing up to an aggregate of $5.0 billion of Class A common stock in the offering, at the same price and on the same terms as other purchasers. Because the indications are not binding commitments, any of the three may ultimately purchase more, fewer or no shares.
Meta said the financing supports its continued investment in artificial intelligence infrastructure and personal superintelligence. The company expects capital expenditures of $135 billion to $145 billion in 2026 and intends to fund its investments through a mix of operating cash flow, investment-grade debt, strategic partnerships and equity capital. Meta generated $97 billion of operating cash flow in the first three quarters of 2026 and held approximately $82 billion of cash, cash equivalents and marketable securities at the end of the third quarter. Third-quarter revenue reached $64.6 billion, up 26% year over year, with net income of $9.9 billion. As of September 2026, 3.64 billion people used at least one of Meta's family of apps daily.
来源：GSM·美国（原文链接）
图片来源：图：Meta 位于加州门洛帕克的总部入口（1 Hacker Way）。照片：LPS.1，CC0，经维基共享资源。 / Meta's headquarters entrance at 1 Hacker Way in Menlo Park, California. Photo: LPS.1, CC0, via Wikimedia Commons.
