Five days after its finance chief told analysts there was no financing plan to announce, Meta Platforms put one on the table worth up to $95 billion. The first $35 billion of stock offerings launched Monday morning, and Nvidia, Advanced Micro Devices and Broadcom have signaled they may buy as much as $5 billion of it between them, though nothing is committed.

The plan, laid out in a press release filed with the SEC , pairs about $22.5 billion of Class A common stock with about $12.5 billion of depositary shares tied to a new mandatory convertible preferred stock. Another $60 billion would come later through an at-the-market program selling the nonvoting Class C shares Meta created alongside its third-quarter results.…