Meta is weighing a multibillion-dollar stock sale to fund AI spending, after Financial Times reported the company is exploring the option to raise tens of billions of dollars.

Meta's 2026 capital expenditure guidance was raised to a range of $125 billion to $145 billion, up from $115 billion to $135 billion, with 2025 capex reaching about $72 billion. Combined 2026 spending by Meta, Alphabet, Microsoft, and Amazon is expected to top $720 billion.

An equity sale would raise cash without adding debt, but would dilute existing shareholders — each share would represent a smaller ownership slice. Against Meta's market capitalization of about $1.5 trillion, a raise in the tens of billions would likely result in low single-digit dilution.

Meta is selling from a weaker position than rival Alphabet, which completed an $85 billion equity raise: Meta's stock is down about 11% year to date, whereas Alphabet's stock rose more than 115% over the past year. Issuing shares at a lower price means giving up more ownership for every dollar raised.