Meta plans to raise $35 billion through a stock offering to fund the development of its artificial intelligence, according to documents released on Monday by the US Securities and Exchange Commission.

Facebook’s parent company also announced plans to launch an additional stock offering of up to $60bn, at a date yet to be determined.

The fundraising comes days after Meta created a new class of non-voting shares that it said would give it greater flexibility to raise capital as it competes in AI.

Chipmakers Nvidia, AMD and Broadcom, all major suppliers to the AI data centre boom, have indicated interest in buying up to $5bn of the common stock offered, Meta said, though those indications are not binding.

The company has been spending aggressively to build out its AI capabilities, and investors are looking for signs that the investments are paying off.

Because the new shares carry no voting rights, Meta can issue them without diluting the voting control held by founder and chief executive Mark Zuckerberg.

Google’s parent, Alphabet, recently raised $85bn through equity offerings to fund its own AI data centre expansion.