Meta's $25 billion stock offering saw subscription demand roughly five times the offering size.

Meta Platforms Inc.s expanded $25 billion share sale drew demand of about five times the number of shares available, according to people familiar with the matter. The company is seeking to raise $98 billion to fund its artificial intelligence-related spending. More than half of the shares in the common stock offering were allocated to long-only and existing investors, the people said. Investors receiving the 15 largest allocations in the offering were allotted about 70% of the shares combined, the people said. The offering was priced at $625 per share, a 2.7% discount to last Fridays closing price before the plan was announced. The share sale is only part of Metas financing plan, which also includes a $12.5 billion mandatory convertible preferred stock offering and an at-the-market share program expected to be implemented. The entire financing plan totals $98 billion and will be one of the largest equity financing programs in history. The mandatory convertible preferred stock offering was also multiple times oversubscribed, the people said.