Meta will issue non voting shares in January 2027 to fund its AI push

Meta said on October 21, 2026, in its third quarter report, that it will make a new class of non voting shares. The shares will pay for AI work, acquisitions and staff. Meta had a free cash flow deficit of $2.12 billion in the quarter, against positive $10.63 billion a year before. It plans capital spending of $135 billion to $145 billion this year.

What is new

Susan Li, the chief financial officer, said that the shares will widen the funding tools of Meta. Trading starts in 2027. Meta says that its AI agent app Muse has more than 10 million users in the US and Canada after a month and a half.

The numbers

• Third quarter revenue: $64.60 billion, above the $63.37 billion that analysts said.
• Fourth quarter forecast: $73 billion to $76 billion.
• Shares rose more than 4% in extended trading.

What is not known

Meta did not say how much stock it will issue or the items it will buy. Legal risk is high: a judge in New Mexico ordered a $25 billion penalty on the same day. Some firms limit Muse because of security. Meta paused a chat sharing feature after chats became public.

Insight: Meta pays for AI with shares that carry no vote

The cash flow of Meta is negative. Earlier reports say that Meta plans to get a share of sales made through Muse. They say that new terms from October 30 let it crawl business websites to train AI. This reads as a hunt for new income and new money at the same time, with Zuckerberg keeping control. Monitor how Muse sales and the new shares increase.