Meta Platforms Inc. (META) is stepping on the AI gas pedal, expanding infrastructure, building new products and constructing fresh ways to monetize its growing AI ecosystem. And the bill is going to be big.

A Bullish Call From BNP Paribas

BNP Paribas analyst Nick Jones maintained an Outperform rating on Meta and a $940 price forecast, implying 46% upside from the Oct. 23 reference price of $642.60.

Jones said Meta's plan to raise as much as $95 billion fits with the company's accelerating AI infrastructure investment and strong early traction for products such as Muse.

Where the Money Comes From

The financing plan includes about $35 billion in underwritten offerings, comprising roughly $22.5 billion of Class A common stock and $12.5 billion of preferred-stock depositary shares.

The company could also establish an approximately $60 billion at-the-market program after its Class C shares begin trading, although the timing, size and terms have not been finalized.

Muse Is the Product. Monetization Is the Question.

Jones said Meta's continued AI product development and the potential long-term revenue opportunity make the additional financing unsurprising.

He expects the company to maintain a rapid pace of product launches while investors seek greater clarity on how Meta plans to monetize Muse.

Jones remains encouraged by Muse's early adoption trends but sees its monetization strategy and Meta's broader capital requirements as key areas to watch.

META Price Action: Meta Platforms shares were down 0.23% at $641.13 at the time of publication on Monday, according to market data.