Meta to create non-voting stock to fund its AI buildout

Meta is moving to create a new class of stock to help finance its aggressive push into artificial intelligence. Semafor first reported on Wednesday — the same day Meta posted its third-quarter earnings — that the company might issue non-voting shares to fund its AI buildout, and Meta confirmed the plan on its earnings call.

Chief Financial Officer Susan Li said the company plans to “create a new class of non-voting capital stock, which will be distributed to all existing shareholders through a stock dividend.” The new shares are meant to give Meta a publicly traded instrument it can use for raising capital, compensating employees, and funding acquisitions, while leaving the voting power of existing Class A and Class B shareholders untouched — preserving what Li described as the company’s founder-led structure and giving it more flexibility to invest behind what she called unprecedented momentum across the business, driven by AI.

The move comes alongside strong quarterly results: Meta’s revenue reached $64 billion, up 26% from a year earlier, even as costs and expenses climbed 68% over the same period. Reality Labs, the unit behind Meta’s AR and VR hardware and software, is still losing money, though the company expects those losses to shrink this year to a range of $18 billion to $19 billion, down from 2025 levels.

Much of that spending is tied to Meta’s AI product lineup, which has expanded rapidly over the past year to include the Muse Spark and Muse Glimmer models, the more recent Muse Wonder and open-weight Muse Spark Open, and a coding agent called Muse Code. Zuckerberg said the Muse personal-agent product had already drawn more than 10 million signups from the U.S. and Canada within about a month and a half, with the app landing at the top of App Store rankings on most days. He said Muse has reached clear product-market fit and that Meta is now shifting into a more operational phase focused on scaling it. Li also pointed to continuing legal and regulatory exposure, noting that several youth-related lawsuits against the company are set for trial in the U.S. over the next few months.

Why it matters

A non-voting share class lets Meta raise fresh capital for its AI spending spree without diluting the Zuckerberg-controlled voting structure — a financing tool that keeps the company’s AI bet funded while keeping control exactly where it already sits.