Meta's $95 Billion AI Drive Puts Capital in Command

Meta Platforms said Monday it will seek up to $95 billion to finance artificial-intelligence infrastructure and personal superintelligence, including roughly $35 billion in public offerings. That puts investor appetite and corporate fundraising at the heart of choices about what gets built next.

The Money Behind the Machine

Meta plans to offer $22.5 billion of Class A common stock and $12.5 billion of depositary shares representing mandatory convertible preferred stock. The Facebook parent is asking financial markets to provide a vast pool of capital for its AI ambitions.

Anthropic filed Monday for an initial public offering that could rank among the largest stock-market debuts in history. Its filing didn't say how many shares it would offer or at what price. The stock is set to trade on Nasdaq under the ticker ANT, with trading potentially starting as soon as the week of November 16. The filing could reportedly value the company at up to $2 trillion.

The numbers behind that proposed debut are striking. Anthropic reported revenue of $16.3 billion in the first six months of 2026, up 1,300% year over year, and a net loss of more than $80 billion. AI infrastructure and computing spending accounted for just under $9 billion of the loss; changes in the fair value of convertible notes, derivative liabilities and SAFEs accounted for more than $72 billion. Investors valued Anthropic at $965 billion after it raised $65 billion in May.

UBS published a list of 100 privately held AI and software companies it is monitoring for potential IPOs next year and beyond. Investment bank analyst Karl Keirstead said the firms “represent the next generation of AI & software firms for public tech investors to monitor, highlighting new growth vectors and potential disruption risk for incumbent public software firms.” The list turns private companies into a catalogue of possible future investments.

The State Is a Customer, Too

Anduril builds autonomous military hardware and AI software for the U.S. military. UBS cited major U.S. defense awards, including the lead role in the Army's Integrated Visual Augmentation System program, with a potential contract ceiling of up to $22 billion, and a 10-year counter-UAS IDIQ with a $642.2 million ceiling for systems deployed at U.S. Marine Corps installations.

Those contracts came as the United States sought to bolster capabilities amid war with Iran and the Russia-Ukraine war. Founded by tech entrepreneur Palmer Luckey, Anduril operates where private technology firms meet state military purchasing: the government spells out its needs, and companies build the hardware and software.

UBS is watching a broad range of other firms for potential share sales. Databricks reported $7 billion in annual recurring revenue in the second quarter and counts Nvidia, Microsoft, Amazon Web Services and venture capital firms among its backers. UBS said it competes in AI-assisted coding and engineering and agentic applications.

Canva finished 2025 with approximately $4 billion in ARR, more than 265 million monthly active users, more than 31 million paid users and roughly 5,000 employees. UBS analyst Keirstead said he wasn't worried about its ability to compete with larger rivals.

Who Gets to Set the Terms

The companies on the list make software for finance, legal work, design, search and app-building. Hebbia automates financial analysis; UBS put the core addressable market for agentic AI in finance and legal AI software at approximately $7.2 billion in 2026, rising to $46.7 billion by 2034, before other knowledge-work opportunities. Replit, a leader in “vibe-coding,” lets users create apps or websites from text prompts; UBS cited estimates of potential sevenfold revenue growth and Replit's expectation of exceeding $1 billion in ARR by the end of 2026.

Perplexity had passed $750 million in ARR and reported more than 100 million monthly active users. Its CEO said the company was on track for an IPO in 2028, regardless of expected offerings from OpenAI and Anthropic. Nvidia, Jeff Bezos and the SoftBank Vision Fund are among its backers.

But the rush toward public markets comes with a warning from debt markets. The New York Times reported that concerns about AI spending had slowed the stock-market rally and raised technology companies' borrowing costs. Elon Musk warned that many AI-linked companies might not survive because they'd effectively lost access to debt markets. He said his $2 trillion company, SpaceX, had investment-grade credit status and its Starlink internet business as cushions. On Sunday, he announced a $40 billion debt deal to buy more chips, including from Nvidia, though the deal might not be final.

Musk singled out neoclouds, which sell computing power to AI companies, saying many faced “guppy-level death and consolidation.” CoreWeave, whose customers include Anthropic and Microsoft, sold off sharply the prior week and fell again in premarket trading; its credit default swaps, a measure of credit risk, had ballooned. In this account of the AI economy, companies with access to huge funding rounds and credit can keep building. Others face the market's trapdoor.