Physix Frontier
Meta
Funding History
- Post-IPO Large-Scale Bond IssuanceUSD 66B — Massive debt financing for AI business (GPU clusters, data centers, Llama large models). This represents the most significant change in Meta's capital structure since its IPO—shifting from a net cash company to a net debt company.
- IPOUSD 16B — IPO price: USD 38.00; Market cap at listing: USD 104B (approx. USD 115.2B at opening price); Shares issued: 420M shares (including 180M new Class A shares + secondary offering by existing shareholders); Lock-up period: Standard 180-day lock-up | Source: Prospectus/Exchange disclosures
- Subsequent Private PlacementUSD 710M — Amount: $90M (Nov 2009) + $120M (Jun 2010) + $450M (Jan 2011, Goldman Sachs) + $50M (Jan 2011, DST); Total ~$710M; Post-money valuation: $50B (Jan 2011); Led by: Goldman Sachs (Jan 2011) | The Jan 2011 round pushed the valuation to $50B (up from $10B in the DST round a year prior, a 5x increase in two years). In addition to investing $450M itself, Goldman Sachs sold a $1.5B Facebook investment fund to its clients—an operation that later drew SEC scrutiny and sparked regulatory discussions on 'the diffusion of private markets to retail investors.' | Source: mbalib
- Series D RoundUSD 200M — Amount: USD 200M (+ USD 100M secondary purchase); USD 200,000,000 (new shares); Post-money valuation: USD 10B; Led by: DST Global | Note valuation change: Microsoft's Oct 2007 round was USD 15B, while DST's May 2009 round was USD 10B—a 33% drop. This is a typical 'valuation inversion' during the financial crisis. DST's terms were extremely favorable: besides USD 200M in new shares, they purchased USD 100M in secondary shares from employees, providing liquidity to early staff. DST also did not require a board seat, a highly competitive soft term at the time. | Source: mbalib / Eqvista
- Series C ExtensionUSD 140M — Amount: USD 60M (Li Ka-shing, two tranches of USD 60M each) + USD 15M (EFF) + USD 100M debt; Total equity ~USD 135M + USD 100M debt; Led by: Li Ka-shing (Horizons Ventures) | Li Ka-shing was Facebook's earliest and most important Asian investor, with personal total investment of USD 120M. TriplePoint's USD 100M in May 2008 was debt, not equity—using credit to replenish ammunition at the peak of the financial crisis avoided low-price equity dilution. This was a key technique in Facebook's early capital management. | Source: mbalib / Eqvista
- Series C RoundUSD 240M — Amount: USD 240M; $240,000,000; Post-money valuation: USD 15B; Led by Microsoft | Microsoft bought 1.6% for USD 240M, implying a USD 15B valuation—at a time when Facebook users had just passed 50 million, the market widely considered this price crazy. But the true value of this deal lay not in the money, but in the exclusive global advertising sales partnership: Microsoft acted as Facebook's international ad agent via AdCenter. This solved Facebook's biggest early monetization challenge. | Source: mbalib / Eqvista
- Series B RoundUSD 28M — Amount: $27.5M; $27,500,000; Post-money valuation: approx. $500M (also cited as $550M); Led by Greylock Partners + Meritech Capital Partners | User base grew from 5.5M to 8M, with valuation rising from $100M to $500M (5x) within a year. In September 2006, Yahoo's $1B acquisition offer for Facebook was rejected—the second rejection after Friendster. Had the deal closed, Zuckerberg would have personally gained approx. $300M. | Source: Eqvista / mbalib
- Series A RoundUSD 13M — Amount: USD 12.7M; $12,700,000; Post-money valuation: USD 87.5M–USD 100M (two metrics); Led by Accel Partners. At this time, The Facebook had 5.5M active users. Accel's investment later became one of the highest-return single investments in VC history (holding 201.4M Class B shares and 11.4% voting rights at IPO). In September 2005, the company officially renamed itself Facebook. | Source: mbalib / Eqvista
- Seed RoundUSD 1M — Amount: USD 500K; $500,000; Post-money valuation: approx. USD 4.9M; Led by Peter Thiel (Co-founder of Founders Fund) | During the same period, social networking site Friendster offered USD 10M to acquire The Facebook, which Zuckerberg rejected. This contrast is striking: Thiel's USD 500K vs Friendster's USD 10M acquisition offer. By Dec 2004, users across Harvard, Stanford, Columbia, and Yale reached 1 million. | Source: mbalib 'Facebook IPO' / Eqvista