The initial stage totals $37.5 billion: $25 billion in common stock at $625 a share and $12.5 billion in convertible preferred securities. Meta expects the common-stock offering to close on 29 October, subject to conditions.
The remaining $60 billion represents proposed gradual sales after Class C shares start trading in the first quarter of 2027. Their terms are not final. Proceeds from common shares sold under forward agreements will arrive when those agreements are subsequently settled; the headline total is therefore not cash already available.