Meta 计划发行最多 950 亿美元股票为 AI 基础设施融资
Meta plans up to $95 billion in stock sales to fund its AI buildout
据 The Information 报道，Meta 计划通过发行新股筹集最多 950 亿美元用于 AI 基础设施建设。其中约 225 亿美元来自 A 类普通股，125 亿美元来自存托股份（每份代表二十分之一新优先股，2029 年 8 月前未转换将自动转为普通股），其余 600 亿美元来自 C 类股开始交易后（预计不早于 2027 年第一季度）的持续公开市场出售。
原文拆解了 Meta 三类股票的融资结构和无投票权 C 类股安排，读者可以看清这笔融资如何不影响 Zuckerberg 的控制权。
Meta plans to sell new stock to raise money for its AI infrastructure buildout. According to The Information, the company plans to sell up to $95 billion in shares.
About $22.5 billion will come from selling Class A common stock, according to a Meta announcement. Another $12.5 billion will come from depositary shares, each representing one-twentieth of a new preferred share. Unless they're converted earlier, these preferred shares will automatically convert into common stock in August 2029. The remaining $60 billion will come from ongoing sales on the open market once new Class C shares start trading, likely no earlier than the first quarter of 2027.
Right now, Meta has Class A shares with one vote each and Class B shares with ten votes each. Entities controlled by CEO Mark Zuckerberg hold most of the Class B shares. The Class C shares, which Meta announced last week, carry no voting rights. That lets Meta raise money without diluting Zuckerberg's control. According to the announcement, Nvidia, AMD, and Broadcom have expressed non-binding interest in buying up to $5 billion in Meta stock.
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来源：The Decoder：AI News · the-decoder.com