{
  "schema_version":1,
  "as_of":"2026-10-26",
  "timezone":"America/Los_Angeles",
  "status":"launch_and_preliminary_prospectuses; no later pricing or closing identified in official sources checked",
  "unit":"USD billion unless stated otherwise",
  "sources":{
    "launch":{"url":"https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Announces-Launch-of-Offering-of-Depositary-Shares-Representing-Series-A-Mandatory-Convertible-Preferred-Stock-and-Offering-of-Class-A-Common-Stock-in-Connection-with-Forward-Sale-Agreements/default.aspx","date":"2026-10-26","locator":"Financing Plan; Details of the Offerings; Cornerstone Investors"},
    "common":{"url":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526431040/d94886d424b5.htm","date":"2026-10-26","accession":"0001193125-26-431040","status":"preliminary 424B5, subject to completion","locator":"Cover; Summary S-4 through S-7; Risk Factors S-10 through S-13; Use of Proceeds S-14; Forward Sale Agreements S-26 through S-28","sha256":"e97fa56c577c25d0a7f64a503a8ac9536d84ad9aaf19eb24c94b224eb06de9e2"},
    "preferred":{"url":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526431043/d133631d424b5.htm","date":"2026-10-26","accession":"0001193125-26-431043","status":"preliminary 424B5, subject to completion","locator":"Cover; Offering summary; Description of Series A Mandatory Convertible Preferred Stock; Underwriting","sha256":"a7da2b6f383c4a5f57989933999fc90ee709d9e8c56009b56d5684b8c85a8029"},
    "fwp":{"url":"https://www.sec.gov/Archives/edgar/data/1326801/000119312526431036/d116268dfwp.htm","date":"2026-10-26","status":"issuer launch communication, not final pricing"},
    "submissions":{"url":"https://data.sec.gov/submissions/CIK0001326801.json","purpose":"Current filing-list check, not a financial term source"}
  },
  "routes":[
    {"id":"preferred","label":"Mandatory convertible preferred / depositary shares","amount":12.5,"amount_kind":"base gross offering amount at stated $50 per depositary share","depositary_shares":250000000,"fraction_of_preferred":0.05,"price_per_depositary_share":50,"liquidation_preference_per_preferred_share":1000,"option_depositary_shares":37500000,"option_gross_amount":1.875,"status":"launched_not_finally_priced_in_reviewed_sources","issuer_receipt_gate":"pricing, completion and settlement of primary offering","actual_issuer_cash":null,"net_proceeds":null,"issue_date":null,"dividend_rate":null,"minimum_conversion_rate":null,"maximum_conversion_rate":null,"initial_underlying_price":null,"threshold_appreciation_price":null,"conversion_expected_on_or_about":"2029-08-15","conversion_exact_rule":"Second business day following the last day of the 20-trading-day averaging period beginning with the 21st scheduled trading day before August 15, 2029","cash_dividend_guaranteed":false,"dividend_structure":"Accrue cumulatively from issue; payment subject to declaration and applicable restrictions; cash, qualifying shares or a combination; rate blank","source":"preferred"},
    {"id":"forward","label":"Common stock through forward sellers","amount":22.5,"amount_kind":"base market offering size, not immediate issuer proceeds","option_gross_amount":3.375,"status":"launched_with_preliminary_forward_description","normal_initial_issuer_cash_expected":0,"actual_issuer_cash":null,"initial_forward_price":null,"underwriting_discount":null,"forward_spread":null,"intended_settlement_by":"2027-11-19","normal_receipt_gate":"physical settlement, subject to conditions and adjusted forward price","direct_issue_fallback":"If borrowing/delivery or specified conditions fail, Meta sells the shortfall directly to underwriters; the initial-cash-zero description is not universal","forward_purchasers":["Morgan Stanley Capital Services LLC","Goldman Sachs & Co. LLC"],"adjustments":"Overnight bank funding rate less a spread; expected-dividend deductions; applicable Class C adjustments","acceleration":"Stock-borrow availability/rate and other specified events may accelerate settlement; certain termination events may require issuer cash payments","accounting":"Expected fair-value derivative accounting; potential diluted-EPS effect before physical share issuance","source":"common"},
    {"id":"atm","label":"Possible future Class C ATM","amount":60,"amount_kind":"approximately planned capacity, not an established program or receipt","status":"no_equity_distribution_agreement_at_launch","expected_not_before":"2027-Q1","conditions":"Class C shares commence trading; establish program and execute sales; no assurance any shares sold","actual_issuer_cash":null,"committed_funding":false,"source":"launch"}
  ],
  "capital_relationships":{"cornerstone_indications_up_to":5,"names":["NVIDIA","AMD","Broadcom"],"binding":false,"part_of":"forward common offering, not an additional financing line or preferred allocation","individual_allocations":null,"suppliers_are_not_inferred_guarantors":true,"base_plan_sum":95,"base_launched_sum":35,"cross_condition":"Completion of the common and preferred offerings is not conditioned on the other; future ATM sales are separate"},
  "class_c":{"charter_stated_effective_date":"2027-01-19","declared_distribution":"One Class C share per existing Class A or Class B share, contingent on charter effectiveness; record/payment dates await subsequent board action","ordinary_votes":{"A":1,"B":10,"C":0},"voting_exceptions":"As specified by charter or applicable law","common_forward_trigger":"Class C issued in the dividend and approved for qualifying exchange listing, subject to notice of issuance; each forward divides into A and C transactions. Conditional settlement of A transactions with C shares entails price adjustment.","preferred_conversion_trigger":"Class C issued in the dividend with qualifying listing approval on or before 2029-04-15; conversion-rate adjustments apply","preferred_dividend_trigger":"Later of conversion trigger and first anniversary of last original preferred issuance; distinct from charter effective date","economic_inference":"Issuing nonvoting shares may separate ordinary voting control from economic dilution. The pro rata Class C distribution itself is not a new cash raise."},
  "hypothetical_timing":{"unit":"normalized cash units, not Meta billions","opening_cash":45,"quarterly_uses":[30,30,30,30],"fixed_net_receipt":100,"receipt_quarters":[1,4],"ordering":"Uses before receipts within each quarter","excluded":"Forward price adjustments, fees, dividends, borrowing costs and actual Meta liquidity; holding net receipt fixed isolates timing"},
  "hypothetical_conversion":{"unit":"normalized dollars and shares per 100 preference, not actual Meta terms","preference":100,"initial_price":100,"threshold_price":125,"market_values":[60,100,110,125,160],"excluded":"Dividends, fees, tax, Class C transition, anti-dilution and early/fundamental-change conversion; no total-return or option valuation"}
}