This is the clearest sign yet that the AI capex race has outgrown even Meta's ad cash flow — when a company with tens of billions in annual profit turns to fresh equity, datacenter bills have clearly hit another order of magnitude. The non-voting structure is classic Zuckerberg: raise a massive war chest for compute and acquisitions while ceding zero governance. Investors get AI upside exposure with no say, which will be a real-time test of how much the market actually buys the superintelligence pitch. If it prices well, expect rivals to copy the template — this could become the standard financing instrument of the compute race. The risk is asymmetric: if AI returns lag, shareholders eat the bill with no voice at the table.