Meta’s $25 billion stock offering was ultimately oversubscribed by roughly 5 times.

Sources familiar with the matter disclosed that Meta Platforms (META.O)’s expanded $25 billion stock offering garnered subscription demand roughly 5 times the number of shares available for subscription. The company aims to raise $98 billion for artificial intelligence-related spending. The sources noted that over half of the common shares in the offering were allocated to long-term holding investors and existing shareholders, with the top 15 investors by subscription size collectively securing around 70% of the issued shares. The offering was priced at $625 per share, a 2.7% discount from its closing price last Friday prior to the announcement of the offering news. On Tuesday, Meta’s stock temporarily dropped 1.4% in New York trading to $621.47 per share. This stock offering is only a component of Meta’s financing plan, which also includes a $125 billion mandatory convertible preferred stock offering and a planned market-based follow-on stock offering. If the final fundraising reaches $98 billion, it will stand as one of the largest equity financing programs in history.